Onyxcoin (XCN) has seen a significant correction over the past 30 days, falling more than 45% after peaking in late January. However, current technical signals suggest that selling pressure is waning, opening the door for a potential recovery in the near term.
Is XCN in a Consolidation Phase?
Onyxcoin’s Relative Strength Index (RSI) is currently at 41.7, down from 55.6 three days ago. Over the past week, the RSI has been oscillating between 41 and 55 without a clear trend, indicating neutrality in the market.
The RSI is an important momentum indicator that helps gauge whether an asset is overbought or oversold. When the RSI is above 70, the asset may be overbought and at risk of a correction. Conversely, an RSI below 30 signals oversold conditions, which could lead to a recovery. At its current level of 41.7, XCN is not oversold but is not showing a strong bullish signal either. This could indicate that the market is waiting for a clear directional signal before entering a new trend.
Downtrend Weakening According to ADX
Onyxcoin’s Average Directional Index (ADX) is currently at 8.33, down from 14.7 in just two days. The ADX measures the strength of a trend, with values above 25 indicating a strong trend and values below 20 indicating a weak or sideways market.
With the ADX dropping sharply below 10, this suggests that the momentum behind the downtrend is weakening. While the price may continue to fluctuate in the short term, the likelihood of a further sharp decline is low. If the ADX does not rebound soon, XCN may remain in a sideways state for the time being, before looking for new momentum.
Can XCN Recover to $0.020 by March?
Despite being one of the most notable altcoins of 2025, Onyxcoin has corrected 42% in the past 30 days. Currently, XCN is retesting a key support zone at $0.01. A break below this level could see the price drop to its lowest level since January 17, before the strong rally earlier this year.
However, with the ADX weakening and the bearish momentum fading, the likelihood of a recovery for XCN is increasing. If the bulls regain control, XCN could soon challenge the resistance level at $0.0149. If the breakout is successful, the price could rise to $0.017, and in the most optimistic scenario, XCN could surpass $0.020 for the first time since March 3.
Conclusion
Onyxcoin is in a critical phase as the downtrend gradually weakens. Although there is still a downside risk, technical indicators suggest a recovery in the near term. Whether XCN can reclaim $0.020 will depend on whether the buying momentum returns strongly. Investors need to closely monitor support and resistance levels to make appropriate decisions.
