Onyxcoin (XCN) is once again grabbing headlines after surging over 10% in the last 24 hours, reigniting speculation around a potential parabolic breakout. The surge follows a consolidation phase and marks a retest of resistance levels formed during its 237% rally between April 9 and 11, which sent the price from $0.008 to $0.027.
Currently trading near $0.020, Onyxcoin’s price action is showing signs of strength with a significant uptick in 24-hour trading volume, which has more than doubled.
Bullish Technical Indicators Fuel Optimism
Onyxcoin is holding firm above key short- and long-term moving averages, including the 20-day EMA, 50-day, 100-day, and 200-day SMAs. This alignment often referred to as a “bullish stack” is considered a precursor to trend continuation in technical analysis.
- The Relative Strength Index (RSI) stands at 64.10, just shy of the overbought zone, leaving room for more upward movement.
- The MACD remains in bullish territory with its line above the signal, and green histogram bars still printing, though showing signs of flattening.
- Average True Range (ATR) is subdued, indicating that while the trend is strong, volatility remains manageable often a healthy signal for trend sustainability.
Key Levels to Watch
With momentum building, the next major resistance sits at $0.027 the peak of the previous explosive rally. Breaking this could lead to a move toward $0.035, the upper boundary of the post-January distribution range. Beyond that, the ultimate target for bulls is $0.05, a psychological milestone that also marks the January blow-off top.
However, bulls must be cautious. A break below the $0.016–$0.020 support zone, especially with high volume and a dip below the 20-day EMA, would invalidate the bullish thesis and suggest that recent momentum was a false breakout.
Sentiment Split: Hype or Manipulation?
Despite bullish indicators, skepticism remains. Some market watchers have pointed out unusual price behavior surrounding the Binance Futures listing of XCN. Critics argue the token’s massive pump prior to the listing, and the immediate stall afterward, may signal price manipulation or insider-driven hype.
“Volume blew up on Coinbase, not Binance, and the price stalled right after the listing,” noted one crypto analyst. “That might mean the rally was inflated before the listing, and once the hype settled, smart money shorted the top.”
Nonetheless, XCN is now testing the upper boundary of its recent range, and bearish bets are becoming riskier as the price edges closer to potential breakout levels.
Onyxcoin’s recent 10% surge is more than just a blip it could be the beginning of another breakout if key resistance levels are cleared. With bullish momentum building, traders are eyeing $0.027, $0.035, and potentially $0.05 as next targets. However, volatility and manipulation concerns remain part of the narrative, making risk management essential in any trading decision.
Whether XCN is gearing up for a legitimate move or facing another round of whale games, all eyes are now on how the token performs as it presses against critical resistance.
