Onyxcoin (XCN) May Surge 30% Before March Despite Ongoing Bearish Trend

Onyxcoin (XCN) has fallen 16% over the past seven days, although it's up by 52% in the last 30 days. The XCN Relative Strength Index (RSI) is currently at 40.1

Onyxcoin (XCN) price has dropped 16% over the past seven days, although it’s still up by 52% in the last 30 days. At the time of writing, XCN price trades at $0.022.

The XCN Relative Strength Index (RSI) is currently at 40.1, indicating mild bearish momentum but not strong enough to signal overselling.

Meanwhile, the Average Directional Index (ADX) has declined to 15.1, suggesting that the downtrend is losing strength and could lead to a period of low momentum.

Despite the ongoing bearish trend, the EMA lines show a possibility for XCN to challenge key resistance levels and potentially surge by up to 30% before March if bullish momentum picks up.

XCN RSI Has Been Neutral Since February 12

Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements. It's typically displayed as a line that oscillates between 0 and 100.

RSI is used to evaluate whether an asset is overbought (RSI above 70) or oversold (RSI below 30). In general, an RSI above 70 indicates that an asset may be due for a correction or pullback, while an RSI below 30 suggests a potential buying opportunity.

However, it's important to note that RSI readings can vary depending on the specific market conditions and time frame being analyzed.

In the case of XCN, its RSI has remained below 50 for the past 5 days without dropping to the oversold level of 30. This indicates that XCN has been experiencing mild bearish momentum as it stays under the neutral 50 mark.

However, the fact that it hasn’t touched the 30 levels suggests that selling pressure is not overwhelming, potentially signaling a consolidation phase or a weakening of the bearish trend.

RSI is a common technical analysis indicator used to assess the momentum of an asset's price movements. It helps traders identify potential overbought or oversold conditions in a market.

The RSI is calculated by comparing the average gain of closing prices over a specified period to the average loss of closing prices over the same period.

The resulting value is then scaled to a range between 0 and 100. Higher RSI values indicate stronger momentum, while lower values indicate weaker momentum.

In the cryptocurrency market, RSI readings are often used to identify potential buying or selling opportunities.

For example, an RSI reading above 70 is commonly considered an overbought condition, which may suggest that an asset is due for a correction or pullback.

Conversely, an RSI reading below 30 is typically viewed as an oversold condition, which could indicate an opportunity for buying an asset at a potentially undervalued price.

It's worth noting that RSI readings can vary depending on the specific market conditions and time frame being analyzed.

Therefore, traders should consider using RSI in conjunction with other technical analysis tools and indicators to make informed trading decisions.

Onyxcoin ADX Shows the Downtrend Is Easing

ADX is an indicator used to measure the strength of a trend, regardless of its direction. It ranges from 0 to 100, with values below 20 indicating a weak or non-existent trend and values above 25 suggesting a strong trend, either bullish or bearish.

When ADX is rising, it signals strengthening momentum, whereas a declining ADX suggests weakening trend strength.

Onyxcoin’s ADX at 15.1 suggests that the current downtrend is losing power and the market is entering a phase of low momentum.

This could lead to a period of price consolidation or even a potential reversal if buying interest returns. However, as long as the ADX remains below 20, any price movements are likely to be weak and lack significant directional strength.

The Average Directional Movement Index (ADX) is a technical analysis indicator that measures the strength of a trend in the price of an asset.

It is typically used to identify whether a trend is strong, weak, or non-existent.ADX is calculated using the following steps:

1. Calculate the average true range (ATR) for a specified period.

2. Calculate the average of the positive directional movement (+DI) for a specified period.

3. Calculate the average of the negative directional movement (-DI) for a specified period.

4. Calculate the ADX using the following formula:

ADX = [(Rolling Sum of (+DI - -DI)) / (Rolling Sum of True Range)] * 100

The resulting ADX value will range from 0 to 100. Higher ADX values indicate a stronger trend, while lower values suggest a weaker trend or no trend at all.

In the cryptocurrency market, ADX readings are often used to identify