Onyxcoin (XCN) is showing renewed bullish strength after rallying over 15% in the past 24 hours, pushing the token to a current trading price of $0.019. The move is supported by a 500%+ surge in trading volume, as XCN tests a critical resistance zone that could pave the way for further gains toward the $0.035 mark.
Technicals Signal Renewed Uptrend
The recent surge has pushed XCN above its 20-day Exponential Moving Average (EMA), a key short-term indicator. More importantly, the 20-day EMA remains well above the 50-day Simple Moving Average (SMA), maintaining the bullish crossover that first emerged during the April 9–11 breakout rally.
Since that rally, XCN’s Relative Strength Index (RSI) has cooled off from overbought conditions, settling around 55 a level that indicates room for further upside without immediate overheating. This RSI reset, coupled with the EMA crossover, suggests that XCN has regained bullish momentum and is well-positioned for another leg higher.
Key Resistance Levels in Play
The price is now approaching the $0.020 psychological barrier, which also represents the upper boundary of the current consolidation range. A daily close above $0.020 would signal a potential breakout, with the next resistance zone located at $0.027, the local high from the April breakout.
If bulls manage to clear $0.027 with strong volume, the next major upside target is $0.035 a key psychological level and the upper boundary of the broader distribution range formed after the late January peak.
However, traders should monitor volume closely. While there has been a recent uptick, current volume levels still lag behind those seen during April’s explosive rally. A breakout above resistance without volume confirmation could lead to a false move.
Support to Watch
On the downside, the $0.015–$0.016 zone remains critical support. A breakdown below this region would invalidate the current bullish setup and could lead to a retest of lower levels, particularly if volume dries up or broader market sentiment weakens.
With bullish technical indicators aligning and trading activity on the rise, Onyxcoin appears primed for a potential breakout. Traders will be watching closely to see if XCN can clear the $0.020 level and build momentum toward $0.027 and beyond. However, sustained volume and market confidence will be key to confirming any breakout.
As altcoin sentiment strengthens across the market, Onyxcoin’s renewed momentum could offer significant upside, provided it can maintain support and attract follow-through buying pressure.
