The cryptocurrency market has started the week positively, with major altcoins turning green after a correction period. However, Onyxcoin (XCN) remains in the red, dropping 5% in the last 24 hours.
Cryptocurrency Market Recovery
After weeks of correction, altcoins have begun to show growth. Bitcoin's dominance has decreased by 0.72% to 61.15%, contributing to the positive dynamics in the market.
Onyxcoin (XCN): Current Situation Analysis
Onyxcoin (XCN) recently experienced a sharp increase, surging over 1500% in a month and reaching a peak of $0.049. This was followed by a correction, forming a symmetrical triangle on the chart, which can signal either a continuation or reversal depending on the breakout direction. Currently, XCN is testing the lower support of the triangle at $0.022. Holding this level could lead to a breakout attempt and approach the 15-day MA or the upper resistance of the triangle. However, if the price doesn't hold, it may decline to the next support level at $0.01862, aligning with the 200-day MA.
Final Observations
XCN is at a pivotal moment, testing a significant support level within the symmetrical triangle. A bounce could result in a breakout and a new rally, while failing to hold these levels could lead to further declines. Investors should closely monitor the support at $0.022, the 15-day MA, and the MACD indicator to determine the next move.
The cryptocurrency market shows mixed dynamics. While altcoins are growing, Onyxcoin (XCN) continues its decline. Investors should be attentive to key levels and indicators to make informed decisions.
