The value of Onyxcoin increased by 9%, pushing its price to $0.013.

The daily trading volume of XCN witnessed a massive increase of over 216%.

The global cryptocurrency market cap settled at $3.87 trillion, a slight decrease of 0.38%. With the Fear and Greed Index stabilizing at 53, a neutral wave prevails in the market. Most tokens declined, losing momentum. Notably, assets like OKB and AB topped the charts, emerging as the biggest gainers.

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At the same time, Onyxcoin (XCN) emerged as one of the trending coins, rising by more than 9.75% in the past 24 hours. The coin opened its daily trading at its lowest level at $0.01196. Later, optimistic investors entered, pushing the price up to a high of $0.01475, testing the resistance range between $0.01201 and $0.01470.

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XCN price chart (Source: CMC)

Assuming further gains, the price of XCN may face critical resistance and pave the way for a breakout. As of the time of publication, Onyxcoin was trading at $0.01313, with a market cap of $456.77 million, according to CMC data. Additionally, the daily trading volume increased by over 216% to reach $71.65 million.

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What are the price predictions for Onyxcoin?

The short-term bullish price trajectory of Onyxcoin showed the formation of green candles. The price may rise towards its initial resistance level at $0.01319. As the bulls gain more strength, the price of XCN may test the $0.01325 level. On the downside, a failure to hold at $0.01307 may allow the bears to enter. A prolonged breakdown is likely to lead the price of Onyxcoin to its previous low at $0.01301.

XCN chart (Source: TradingView)

Furthermore, the technical analysis of Onyxcoin revealed that the Moving Average Convergence Divergence (MACD) line is above the signal line, both below the zero line. This crossover indicates increasing bullish momentum and weakening overall trend. The Chaikin Money Flow (CMF) for XCN is negative at -0.35, indicating strong selling pressure and money flowing out of the asset, showing price weakness.

The value of the Bullish and Bearish Power Index (BBP) for Onyxcoin, at 0.00074, is slightly positive but close to neutral. With weakening momentum, there is no strong bullish or bearish trend. Furthermore, the daily reading of the Relative Strength Index (RSI) for the asset is at 56.71, indicating moderate bullish momentum in the market. This works in favor of buyers, as the asset is in a good zone but has not surpassed it yet.