Onyxcoin (XCN) Gears Up For Breakout And Eyes Key Resistance At $0.0190

• XCN is trading at $0.0175, with key resistance at $0.0190, indicating a potential breakout setup amid shifting market sentiment.
• Technical indicators reflect a bearish structure with prices below the 5, 10, and 20-period moving averages.

• Market watchers are closely monitoring XCN as Bitcoin’s price movement near key support continues to influence short-term direction.

XCN is showing strong signals for a breakout and moving towards its resistance against the overall market sentiment, which is turning from bearish to bullish. Now the BTC price is slightly down and moving around the key support level, which is also affecting the market. Both traders and investors are closely watching this coin. If a successful breakout occurs, it will lead to a bull rally.

At the time of writing, XCN is trading at $0.01750 with a 24-hour trading volume of $31.1M and a market cap of $586.85M. The XCN price is hit by market volatility; over the last 24 hours, its price is down by 3.92%, and over the last week, it is down by 13.03% but also showing high potential for the new upward momentum.

Source: CoinMarketCap

XCN Price Eyes on $0.0190 Breakout

A prominent crypto analyst on X, gemxbt, highlighted that XCN is currently showing clear signs of a bearish market structure, with prices consistently trending below the 5, 10, and 20-period moving averages. This short-term moving average alignment generally signifies that sellers dominate and the bias is to the downside. The inability to regain these critical levels reflects diminishing bullish interest and a possible continuation of the bear trend in the near term.

Technical support has established at the $0.0175 level, a level that has served as a buffer against steeper declines in the past. Resistance is established at the point of current strength at around $0.0190. Breaking above this level will be crucial for signaling a potential shift in market sentiment. As long as XCN is stuck in between these levels, there is the possibility for compressed volatility, but a break in either direction might precipitate a more severe move.

Source: X

RSI Shows Oversold Territory; Breakdown or Breakout Ahead?

The bearish scenario is also being supported by the momentum indicators. The Relative Strength Index (RSI) is heading towards the oversold range, which indicates the possibility of a bullish trend in the near term, but this is not necessarily a precursor to a rebound. At the same time, the MACD is also signaling a bearish crossover as the MACD line is lower than the signal line, another signal that the selling pressure still holds dominant.

In spite of these caution signals, volume is still fairly light, which may restrict the extent of major moves that might occur in either direction. Without a surge in volume or a shift in broader market sentiment, XCN appears to be further downside. Traders and investors are closely watching key technical levels for signs of a breakout or breakdown as the market decides its next move.

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