The mixed sentiment lingering within the crypto market triggered the assets to swing between losses and gains. Today, with a brief spike of 1.14%, reaching a $3.33 trillion market cap. Assets like Story and Pendle secured the spotlight among top gainers with double-digit gains.  Notably, Onyxcoin (XCN) has posted a

• After rallying 13%, Onyxcoin is consolidating near $0.019.
• XCN’s 24-hour trading volume has skyrocketed by 497%.

The mixed sentiment lingering within the crypto market triggered the assets to swing between losses and gains. Today, with a brief spike of 1.14%, reaching a $3.33 trillion market cap. Assets like Story and Pendle secured the spotlight among top gainers with double-digit gains. 

Notably, Onyxcoin (XCN) has posted a solid gain of over 13.27% in the last 24 hours. In the early hours, the asset traded at the bottom range of $0.0162, and the bullish shift caused the asset to climb to a peak of $0.02258, breaking the resistance between $0.017 and $0.021. 

A steady recovery of the asset could emerge only after breaking the crucial resistance above the $0.025 mark. At the time of writing, Onyxcoin trades within the $0.01911, with a market cap of $641 million. Moreover, its daily trading volume has increased by 497%, reaching $189 million.

Over the last seven days, XCN has posted a brief spike of over 2.20%. The bears in command have dominated the price chart, and the sudden positive pressure has pushed the asset to the current trading level. 

Is Onyxcoin Gearing Up for a Bigger Breakout?

Onyxcoin’s four-hour trading window exhibits an uptrend after a reversal from the downtrend. The recovery attempt has ignited the green candle. XCN bulls could push the price toward the $0.02035 range. Assuming the emergence of a golden cross, it might open the way to hit above $0.022.

Contrarily, if the asset prints a bearish chart, following the previous trend, the price might retrace to the $0.01852 support. Further breakdown could trigger the death cross to form and push Onyxcoin toward the $0.016 range, acting as a make-or-break zone and adding more difficulty in recovery. 

XCN’s Moving Average Convergence Divergence (MACD) line is found above the signal line, indicating bullish momentum. However, since the signal line is just above the zero line, the strength of the uptrend may be in its early stage. Whereas, the Chaikin Money Flow (CMF) indicator at -0.09 suggests moderate selling pressure in the market, and the money flowing out of the asset. 

Additionally, the Bull-Bear Power (BBP) value of Onyxcoin at 0.00294 is slightly positive, indicating that bulls are dominant in the current market session. Besides, the daily relative strength index (RSI), positioned at 65.60, signals bullish momentum, and the asset may be nearing overbought territory.

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