Is Onyxcoin (XCN) Losing Its Momentum? RSI Flashes Neutral Signal

Following an incredible 200% Onyxcoin rise earlier this month, Onyxcoin (XCN) has entered a cooling period.

Following an incredible 200% rise earlier this month, Onyxcoin (XCN) has entered a cooling period. The token is now trading at $0.01708, down more than 9% this week as of April 21.

While some early indications of stabilization give cautious hope, technical indicators highlight a possible reversal. Investors are keenly observing whether XCN price can regain upward momentum or if a further fall is imminent.

Relative Strength Index Flashes Neutral Signal

Onyxcoin’s RSI is currently standing at 43, suggesting a neutral zone with neither overbought nor oversold conditions. This comes after a sharp rally between April 9 and 11.

The XCN price surged from under $0.007 to over $0.021. Typically, RSI values between 30 and 70 suggest indecision in the market. A move above 50 would signal bullish control, but the failure to break that level reflects uncertainty.

Is Onyxcoin losing its momentum as technical indicators begin to stall and recovery lacks conviction?

Despite the RSI’s neutral stance, there are slight flickers of recovery. Onyxcoin showed a 0.18% increase on the daily chart by 9:58 AM ET (13:58 GMT), hinting at potential buyer interest. However, without sustained pressure from bulls, this could be a temporary blip.

The RSI alone doesn’t confirm a trend change, but its current position is valuable for monitoring shifts in sentiment.

Weakens While EMA Slopes Flat: Is a Reversal Near?

The Average Directional Index (ADX) has dropped to 11, indicating very weak trend strength. This is a significant decline from readings earlier in the month, when the ADX topped 15. For context, ADX readings under 20 often suggest a market lacking clear direction.

In this case, it means the recent XCN price rally may be out of steam.

While the EMA lines still appear in a bullish formation, their trajectory is flattening. Short-term averages are starting to slope downward, a red flag that could precede a bearish crossover. This scenario, often called a “death cross,” happens when short-term EMAs drop below long-term EMAs, triggering a strong bearish signal.

Key Support Levels to Watch

Traders are closely watching key support levels at $0.016, $0.0139, and $0.0123. A break below these could push XCN price into correction territory, potentially sliding to $0.0109, marking a 38% drop from current prices.

However, if bulls return, resistance at $0.020 is within reach. A break above that could ignite an Onyxcoin rally to $0.027, presenting a potential 55% upside.

Onyxcoin is currently ranked 56th on CoinMarketCap, boasting a market cap of $567.48 million and 33.2 billion tokens in circulation. Its position is still fragile, but it’s not hopeless.

The broader crypto market’s mood, shaped by Bitcoin and Ethereum performance, could heavily influence XCN’s direction. If sentiment improves and buyers reclaim control, the altcoin may find the strength to bounce back. Still, without a catalyst, the next few sessions could remain range-bound or slightly bearish.