Journalist
Posted:
- Onyxcoin was a short -term range after his withdrawal from $ 0.0499.
- The CMF showed that the sales pressure remained intense over time frame.
Onyxcoin [XCN] Had a 22x from January 1 to 26 years old, but has since been noticeably withdrawn. The enormous profits meant that the higher period of time prospects remained Bullish.
This can give the Onyxcoin market some time to consolidate before the next step is higher.
Do you have to buy more XCN for $ 0.02?
Source: XCN/USDT on TradingView
Based on the rally from $ 0.0111 to $ 0.0499, a set of Fibonacci retracement levels was turned off. It showed that the level of 78.6% at $ 0.0194 continued to serve as support.
This rally was chosen because of the short -term consolidation just above $ 0.01 before the move took place in the second half of January.
Since he has reached his peak, Onyxcoin has been brought down over the past three weeks. The daily market structure was Beerarish, although important retracement levels were defended.
That is why the trend on the higher timetable was up and the current price promotion was a withdrawal.
These prospects may be encouraging for investors, but the CMF and MacD were not. The CMF was at -0.25 to signal a heavy sales pressure and the MacD showed bullish weakness.
A crossover under the zero line would signal that downward momentum was dominant in the daily period.
Source: XCN/USDT on TradingView
The 4-hour graph showed that XCN could have stopped his withdrawal. A range between $ 0.02 and $ 0.0255 was seen.
The market structure was also Beerarish on this time frame, because no new swinghighs and lows have been set in the past two weeks.
The CMF briefly stuck its head up +0.05, but soon fell lower. The MacD signaled Momentum was neutral because the price re -fooled the middle range as support.
The liquidation map showed that the $ 0.02- $ 0.021 area had a high liverage long liquidations. It also coincided with the reach of the range.
Given the CMF and the weak momentum, it was likely that XCN prices would again test $ 0.02 before they climb higher because of the liquidity present there.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer
