The Bull Run of XCN
The price of Onyxcoin, also known as XCN, is exhibiting clear bullish trends as its value soared by over 15% in the last 24 hours. In the process, XCN is challenging and testing a vital resistance zone. If the current trend sustains, it’s highly likely that XCN could soon achieve a price target of $0.035.
Promising Start to XCN Trading
Notably, in the past 24 hours, XCN has been traded at a price of $0.019; this represents an impressive increase of over 15%. The trading volume of this digital asset has also increased by a whopping rate of more than 500%. Fuelled by this surge, XCN’s price is currently interacting with the upper limit of a range it has been consolidating within. The consolidation period was subsequent to the breakout rally that took place between the dates of April 9th and 11th.
XCN Overcoming Price Resistance
Interestingly, just a day ago, the price of XCN managed to exceed the 20-day Exponential Moving Average (EMA) and currently holds above it. It’s also crucial to mention that the EMA 20 value rests well above SMA 50, implying the continuation of the bullish crossover initially triggered during the brief breakout rally in April.
RSI Levels and Momentum Reset
Following the rally, it’s been observed that the price of XCN has relaxed from its overbought Relative Strength Index (RSI) levels. Currently, the RSI marker is settling around 55 in the bullish territory. Such a scenario generally hints that this altcoin has successfully reset its momentum and has enough space to run before it reaches overbought stages once more.
Facing the Psychological Barrier
Moving forward, it is anticipated that if the psychological hurdle of $0.020, which represents the upper limit of the current consolidation stage in terms of daily close, is overcome, the following upside aim is around $0.027. This level corresponds to the local high achieved during the rally from April 9th to 11th.
Breaking Out Further?
Should XCN manage to break above this threshold, the route towards $0.035 could be paved. This is yet another major psychological level, and it marks the upper limit of the distribution range after late-January’s zenith. Hitting this goal, however, will require a maintained bullish momentum, coupled with sizable volume. As it stands, although the ongoing volume has seen a noticeable pickup in recent days, it is still significantly below the spikes witnessed during the breakout last month.
Potential Risks
However, it’s important to keep in mind potential risks, as well. For instance, a scenario in which the price of XCN drops below the $0.15 – $0.16 support zone could possibly nullify the bullish outlook. Therefore, while the potential is certainly promising, one must always stay aware of the inherent volatility and probable price fluctuations embedded in the crypto trading landscape.
