OnyxCoin (XCN) Price Surges 10% Amid Bullish Indicators

OnyxCoin (XCN) has recently caught the eye of traders and analysts, with signs pointing towards a potential significant price increase. As of July 10, the cryptocurrency was trading at approximately $0.01396, exhibiting renewed momentum across multiple timeframes.

A well-known YouTuber, Czar Gets Crypto, who boasts a following of over 40,000 subscribers, has conducted an in-depth analysis of OnyxCoin's price charts. According to his analysis, the daily Relative Strength Index (RSI) for XCN is maintaining a position above the 40 level, which is generally considered a bullish indicator, suggesting potential for further upward movement. Czar also observed that XCN has broken out of its previous downtrend and may have initiated a short-term uptrend.

Upon examining the 1-hour and 4-hour charts, Czar noted that the price of XCN has been nearing overbought territory. While it has not yet fully entered this zone, the price has been holding steady. Interestingly, the recent price surge did not correspond with a notable increase in trading volume, unlike previous spikes that were supported by substantial trading activity. This discrepancy is a factor that traders should keep an eye on.

On the 4-hour chart, XCN has been demonstrating a pattern of higher highs and higher lows, a classic sign of a bullish trend. There is also a crucial support zone around $0.014 that has remained intact. Czar suggested that the breakout from a parallel channel could be paving the way for a more substantial price movement in the near term.

Looking forward, Czar predicts that if the current trend persists, the next resistance level for XCN could be around $0.022. He also identified a broader target zone between $0.021 and $0.025. Should the token surpass this zone, there is potential for a much larger price movement in the coming weeks. In the longer term, Czar is optimistic about a possible run toward $0.05 or $0.06, with an even more ambitious target of $0.26 to $0.32 by the end of August, assuming momentum continues to build.

Czar underscored the significance of volume in driving a substantial price increase for XCN. While the chart appears robust, a larger influx of trading volume will be essential for sustaining a bigger run. Fortunately, the current RSI levels and overall trend structure suggest a solid setup. If buyers continue to enter the market and the price holds above the support level, a breakout could be on the horizon.