Cryptocurrency Onyxcoin's (XCN) Potential U-turn Following 200% Surge's Exhaustion

Cryptocurrency Onyxcoin's (XCN) Potential U-turn Following 200% Surge's Exhaustion

Onyx Buck (XBuck) seen plummeting nearly 10% in the last seven days, cooling off following a fierce 200% surge between April 9 and April 11. Although it looks like the optimistic streak might be waning, the RSI and ADX suggest a possible change in the tide.

While XBuck's Exponential Moving Average (EMA) lines still form a bullish structure, early signs of a potential reversal have started to surface as short-term averages begin to slope downwards. The coming days will play a crucial role in deciding whether Onyx Buck can find its footing again or if a sharp correction is on the cards.

Onyx Buck's Tumble: Uncertainty or the Eye of the Storm?

On Onyx Buck's Relative Strength Index (RSI), the reading rests at 43. Normally, readings above 70 indicate that an asset is overbought and might be due for a slide, while readings below 30 hint at an oversold asset that's poised for a possible rebound.

Numbers between 30 and 70 indicate consolidation or market indecision.

XBuck's RSI reflects a state of neutrality but has hints of a recovery. Although it doesn't signal a clear bullish signal yet, yesterday's uptick suggests the bearish pressure could be easing.

However, the failure to break the 50 threshold reflects doubts and a distressing lack of sustained buying pressure.

For now, Onyx Buck appears to be at a standstill, with further gains in the RSI potentially signifying a resurgence in the bull run, but any additional weakness keeps the price locked in a consolidation phase.

XBuck's Trend: The Fading of Supercharged Momentum

On Onyx Buck's Average Directional Index (ADX), the score has dropped to 11, down from 13.92 yesterday and 15.26 two days ago. This decline points to a weakening trend strength.

The ADX is an integral part of the Directional Movement Index (DMI) and checks the trend's strength on a scale from 0 to 100.

Readings lower than 20 usually mean the market is trending slackly or not at all, whereas values above 25 suggest a strong, established trend.

Currently, the ADX stands at 11, implying that the momentum of Onyx Buck's bullish tide is diminishing – even though it continues to remain an upward trend. This low reading indicates the current uptrend is fragile and may lack the clout needed for sustained growth.

Combined with EMA lines that are starting to flatten, the fading ADX gives more weight to the idea that the trend could soon change direction or come to a halt.

Should no new wave of buying power emerge to prop up the uptrend, Onyx Buck could enter a time of stagnation or possibly even a reversal in the short run.

Crossroads for Onyx Buck: Flashing Warning Signs for the EMA

XBuck's EMA lines remain bullish at the moment, and short-term averages are still positioned over the long-term averages.

However, the short-term EMAs have begun to slope downward, increasing the possibility of an impending death cross – a bearish cross scenario where the short-term average falls below the long-term average.

If the death cross takes place, it would indicate a change in trend direction and could trigger a more substantial pullback, given the 200% increase between April 9 and April 11, landing Onyx Buck among the top altcoins of the previous weeks.

Key support levels to track are $0.016, followed by $0.0139 and $0.0123. If bearish momentum picks up speed, Onyx Buck could slide as far as $0.0109, representing a potential 38% correction from the current levels.

On a more positive note, if the bulls manage to regain control and shore up the existing uptrend, XBuck could challenge the resistance at $0.020.

If XBuck manages to scale this barrier, it could pave the way for a potential rally towards $0.027, marking a possible 55% increase.

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1. The Exponential Moving Average (EMA) lines of Onyx Buck (XBuck) are currently showing a potential reversal, as short-term averages have started to slope downwards, hinting at the possibility of an upcoming death cross.
2. Yesterday's uptick in XBuck's RSI might indicate a easing of bearish pressure, but the asset's inability to surpass the 50 threshold suggests doubts and a lack of sustained buying pressure.
3. The Average Directional Index (ADX) has dropped to 11, suggesting a weakening trend strength, and the fading ADX along with flattening EMA lines strengthen the idea that the trend could soon change direction or come to a halt.
4. If the bearish momentum intensifies, Onyx Buck could correct by as much as 38%, reaching a level of $0.0109. However, if the bulls regain control, XBuck could challenge the resistance at $0.020, potentially leading to a rally towards $0.027.
5. The RSI readings between 30 and 70 indicate consolidation or market indecision, with further gains in the RSI signifying a possible resurgence in the bull run, but any additional weakness keeping the price locked in a consolidation phase.
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