- The short -term holders were on large profit, and this could lead to any sales pressure in taking a profit
- The rapid reaction of the 78.6% Fibonacci level meant that an XCN -Bullish Structure shift could come true in the coming days
Onyxcoin [XCN] Has climbed up with 16% in the last 24 hours and the daily trade volume has risen by 12%.
Onyxcoin lost 30% during the recent market -wide sale when it reached the lows at $ 0.018. Since then, however, it has bounced 68% from those lows in the 30 hours.
This volatility is the paradise of a trader and the strong bullish reaction of the lows can be a sign of underlying power. What has Xcn Bulls emerged?
Does Onyxcoin offer a good buying option?
Source: XCN/USDT on TradingView
In the second half of January, Onyxcoin saw a sharp rise in prices and activities at the chain.
This rally was used to plot a set of Fibonacci retracement levels. The recent price decrease saw the level of 78.6% re -tested at $ 0.0194.
The strong struiting of almost 70% has since been a good sign for investors. The quick response showed Bullish conviction. The level of 78.6% was tested and the price jumped away.
The real value gap at $ 0.0282 was the next short -term support zone that is expected to be defended.
The H4 RSI was back above neutral 50, which indicates an upward momentum. The OBV also started to trends, which reflects a larger purchase volume.
The market structure, however, was Bearish, of which $ 0.0347 is the recent lower high for the price to overcome. Such a movement would turn the structure to a bullish.
The 7-day MVRV was somewhat negative, but the 30-day MVRV was highly positive at 51.39%.
That is why most holders were in profit in the short term, and this could tempt them to make a profit and contribute to the sales pressure.
Realistic or not, here is the market capitalization of XCN in the conditions of BTC
The network value for Transaction (NVT) divides the XCN market capitalization through its daily circulation. A relatively high ratio indicates that the network is expensive compared to the value sent on the network.
This had been the case in December and at the beginning of January, but increased activity meant that according to the NVT it was not overvalued on the press.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer
