The price of Onyxcoin shows signs of recovery, but the overall technical picture remains negative.
Current Market Situation of Onyxcoin
Onyxcoin's price, or XCN, has increased by about 9% in the last four days. However, this recovery may only be temporary. The chart indicates that the asset is still trading within a falling wedge, which is a sign of a downward trend.
Indicators and Resistance Levels
The XCN price is currently below the 100-day simple moving average, which is around $0.01558, and this acts as resistance. Historically, trading below this line suggests that sellers maintain control of the market. Additionally, there is significant resistance at the $0.0159 level, which is also the upper boundary of the falling wedge.
Trader Recommendations
By analyzing the Relative Strength Index (RSI), which is currently around 41, we can see that the recent price increase isn't backed by strong buying momentum. Traders are advised to wait for confirmation of a breakout above these levels before making buying decisions.
Despite the temporary recovery of Onyxcoin's price, current technical indicators signal a prolonged downtrend. Further confirmation is expected before re-entering the market.
