Onyxcoin's value increases by 15% and trading volume exceeds half a billion dollars, as the cryptocurrency moves past the overbought zone.
Loosened Up Tale on Onyxcoin (XCN): Bullish Predictions, but Painfully Slow
Onyxcoin (XCN), currently priced at $0.019, is witnessing a considerable 15% surge in the past 24 hours. This surge, paired with an escalated trading volume by over 500%, has pushed the cryptocurrency to test the upper boundary of its consolidation range.
With the recent surge, Onyxcoin is seen navigating the remnants of a breakout rally that unfolded between April 9 and April 11. Yesterday, it announced a breach above the 20-day EMA, still maintaining its strong position above it. The EMA 20 hovering well above the SMA 50 continues to justify the initial bullish crossover that took place during that brief April rally.
Since that rally, Onyxcoin has managed to rebalance its momentum, settling in a more secure bullish region with the RSI now resting around 55. This resurgence in momentum gives the coal room to run before touching overbought levels again.
Will Onyxcoin Mount Another 200% Breakout?
Upon surpassing the psychological $0.020 barrier and breaking free from the current consolidation range's upper limit in terms of daily closes, the next upside target could be around $0.027 - the local high from the April 9-11 rally. A breakout above this level would pave the way towards $0.035, yet another critical psychological level and the upper boundary of the distribution range following the late January peak.
However, achieving this level necessitates sustained and substantial bullish momentum accompanied by strong trading volume. Volume remains significantly lower than the spikes during the April breakout, but it has shown signs of an uptick over the past few days.
A drop below the $0.15 - $0.16 support zone would invalidate the bullish outlook.
DYDX, a Breakout Candidate:
DYDX is another coin unveiling bullish technical signals amidst fortifying fundamentals, potentially setting the stage for a breakout. For Onyxcoin, however, a 200%+ breakout in the immediate term seems to face roadblocks.
Most 2025 price forecasts don't corroborate an extreme surge at this point. Some analysts are anticipating a peak around $0.04, representing an 115% increase from current levels, but still far from 200%. Others take a more moderate stance, eyeing prices around $0.0026, a stark contrast to the figures mentioned above.
Although speculation about a breakout and price targets flood recent YouTube content, they don't deliver tangible evidence or strong technical momentum indicating an imminent 200%+ breakout as of May 2025. Onyxcoin, therefore, appears to be undergoing a sluggish growth phase currently, with larger gains more feasible in the long term.
Hold onto your horses, Onyxcoin enthusiasts - the cattle drive might take a bit longer than anticipated.
- The recent surge of Onyxcoin (XCN) has triggered discussions about a potential Tron (TRX) or Coinbase listing, given its impressive performance.
- In light of the coins current surge and bullish indicators, many are speculating about the possibility of an Initial Coin Offering (ICO) for Onyxcoin in the near future.
- With the crypto market rapidly evolving, analysts are cautiously optimistic about Onyxcoin's potential to integrate newer technologies, such as DYDX, which could lead to significant price appreciation in the long term.
