XCN at $0.020: Breakout or Fall to $0.0175 Support?

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Milcho Atanasov
10 May, 2025, 07:54
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Onyxcoin (XCN) Struggles to Maintain Breakout Amid Mixed Technical Signals

Despite broader bullish sentiment in the cryptocurrency market, Onyxcoin (XCN) has posted only modest gains this week—up just 5% over the past seven days. While daily trading volume surged 77.7% to reach $82.3 million, technical indicators show a mix of bullish momentum and renewed bearish pressure.

RSI Surges to 62, Signaling Strengthening Bullish Momentum

XCN’s Relative Strength Index (RSI) has risen sharply, climbing from 46.15 to 62.29 in just two days, reflecting growing buying pressure and increasing investor interest. The RSI is a popular momentum indicator, ranging from 0 to 100—where readings above 70 typically signal overbought conditions, and values below 30 indicate an oversold asset.

While XCN is nearing the overbought threshold, it still has room to rise before triggering a potential correction. Notably, the RSI has not crossed 70 since April 23, meaning the coin could still see more upward momentum before traders begin to expect a pullback.

Key Takeaway: If RSI continues to rise, it could fuel further gains. But traders should be cautious of any signals of exhaustion near the 70 mark.

BBTrend Flips Negative Again, Undermining Bullish Case

While RSI shows strength, XCN’s Bollinger Band Trend (BBTrend) has turned sharply negative once again. After briefly entering positive territory on May 8, peaking at 2.66, the BBTrend has reversed, falling from -1.41 to -2.69 in just a few hours. This return to negative values signals that bearish sentiment may be regaining control.

The BBTrend indicator evaluates price momentum based on the distance between price action and Bollinger Bands. Positive values suggest bullish momentum and possible continuation of uptrends, while negative readings point to bearish momentum and potential price weakness.

Conclusion: The sharp BBTrend reversal raises red flags for bulls. Unless the indicator flips back to positive territory soon, downside pressure could intensify.

Golden Cross Forms: Can XCN Break Key Resistance at $0.020?

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One bullish development is the recent formation of a golden cross—a technical pattern that occurs when a short-term moving average (e.g., the 50-day) crosses above a long-term moving average (e.g., the 200-day). This is generally interpreted as a signal that a new uptrend could be forming.

If momentum continues to build, XCN may test the critical resistance level at $0.020. A confirmed breakout could open the door to higher price targets at $0.024 and $0.0273, supported by strong short-term bullish patterns.

XCN has already delivered a staggering 118% gain over the last 30 days, making it one of the top-performing altcoins of 2025. A continuation of the uptrend would solidify its position as a breakout asset in the current market cycle.

Support Levels to Watch If Uptrend Fails

Despite these bullish setups, traders should be prepared for possible downside risks. If XCN fails to hold above immediate support, key levels to monitor include:

$0.0175 – First major support zone
$0.0164 – Potential lower bounce level
$0.0156 – Deeper support that may be tested in a strong bearish reversal

Should the price fall below these support zones, the current uptrend may be invalidated, leading to increased selling pressure.

XCN Outlook: Momentum Builds but Bears Linger

In summary, Onyxcoin (XCN) is flashing conflicting signals. Momentum indicators like the RSI and the golden cross point to the potential for continued bullish action, but the BBTrend’s negative shift warns of caution ahead.

With trading volume spiking and a growing number of traders watching the $0.020 resistance, the coming days will be crucial in determining whether XCN can maintain its bullish trajectory—or if bears will regain control.