Journalist
Posted:
- Onyxcoin fashioned a short-term vary after its pullback from $0.0499.
- The CMF confirmed promoting strain remained intense throughout timeframes.
Onyxcoin [XCN] had pulled a 22x from the first of January to the twenty sixth, however has receded noticeably since then. The huge positive factors meant that the upper timeframe outlook remained bullish.
This might give the Onyxcoin market a while to consolidate earlier than its subsequent transfer greater.
Must you purchase extra XCN at $0.02?
Supply: XCN/USDT on TradingView
Based mostly on the rally from $0.0111 to $0.0499, a set of Fibonacci retracement ranges had been plotted. It confirmed that the 78.6% degree at $0.0194 continued to function assist.
This rally was chosen because of the short-term consolidation simply above $0.01 earlier than the transfer occurred within the second half of January.
Since reaching its zenith, Onyxcoin has trended downward over the previous three weeks. The day by day market construction was bearish, though key retracement ranges had been defended.
Therefore, on the upper timeframes, the development was upward, and the present worth motion was a pullback.
This outlook may be encouraging for buyers, however the CMF and MACD weren’t. The CMF was at -0.25 to sign heavy promoting strain, and the MACD confirmed bullish weak spot.
A crossover under the zero line would sign downward momentum was dominant on the day by day timeframe.
Supply: XCN/USDT on TradingView
The 4-hour chart confirmed that XCN might have halted its pullback. A variety formation between $0.02 and $0.0255 was noticed.
The market construction was bearish on this timeframe too, since no new swing highs and lows have been set over the previous two weeks.
The CMF poked its head above +0.05 briefly, however rapidly fell decrease. The MACD signaled momentum was impartial as the worth retested the mid-range degree as assist.
Supply: Coinglass
The liquidation map confirmed that the $0.02-$0.021 area had excessive leverage lengthy liquidations. It additionally coincided with the vary lows.
Given the CMF and weak momentum, it was possible that XCN costs would retest $0.02 earlier than climbing greater because of the liquidity current there.
Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion
