Onyxcoin Market Analysis

Onyxcoin formed a short-term range after its pullback from $0.0499.
The CMF showed selling pressure remained intense across timeframes.

Onyxcoin (XCN) had pulled a 22x from January 1st to 26th, but has noticeably receded since then. The vast gains meant that the higher timeframe outlook remained bullish. This could give the Onyxcoin market some time to consolidate before its next move higher.

Should You Buy More XCN at $0.02?

Based on the rally from $0.0111 to $0.0499, Fibonacci retracement levels were plotted. The 78.6% level at $0.0194 continued to serve as support. This rally occurred after a short-term consolidation just above $0.01 in January’s second half.

Since reaching its zenith, Onyxcoin has trended downward over the past three weeks. The daily market structure was bearish, although key retracement levels were defended. Hence, on higher timeframes, the trend was upward, and the current price action showed a pullback.

This outlook might be encouraging for investors, but the CMF and MACD were concerning. The CMF was at -0.25, signaling heavy selling pressure, and the MACD showed bullish weakness. A crossover below the zero line would indicate downward momentum on the daily timeframe.

The 4-hour chart suggested that XCN could have halted its pullback. A range formation between $0.02 and $0.0255 was observed. The market structure was also bearish on this timeframe since no new swing highs and lows had been set over the past two weeks.

The CMF briefly rose above +0.05 but quickly fell lower. The MACD indicated neutral momentum as the price retested the mid-range level for support. The liquidation map revealed that the $0.02-$0.021 region had high leverage long liquidations, aligning with the range lows.

Given the CMF and weak momentum, it is likely that XCN prices will retest $0.02 before climbing higher due to the liquidity present in that area.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.