Onyxcoin Price Skyrockets 133% in 24 Hours-Next Crypto To Explode?

The Onyxcoin price has skyrocketed 133% in the last 24 hours to trade at $0.02676 as of 7:00 a.m. EST on a 1,340% pump in trading volume to $1.3 billion.

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The Bitcoin price has dropped 2.3% in the last 24 hours to trade at $62,860 as of 7:00 a.m. EST on a 15% decline in trading volume to $923 million.

Bitcoin Price Analysis Shows A Clear Downtrend Forming

Looking at the BTCUSD 4-hour chart, a crucial resistance zone is forming around $64,230, where the price encountered strong selling pressure during the prior rally attempt. On the downside, a support zone is clearly defined at $58,730, which was crucial during the prior consolidation phase before the breakout. This price level will likely be strongly supported if the current bearish momentum intensifies.

After forming a double bottom pattern around the $40k-$42k zone in December 2024, the price began a recovery, forming a bullish flag on the 4-hour chart. This bullish flag signaled a period of consolidation before a breakout, which occurred in early January 2025.

Following the breakout from the bullish flag, the price started moving in a clear uptrend, forming higher highs and higher lows. This uptrend was accompanied by increasing volume, signaling the strength of the buying pressure. As the price moved up the trendline, it encountered resistance at the $64k level.

After failing to break through the $64k resistance zone, the price began forming lower highs, indicating a weakening uptrend. This was followed by a breakdown below the trendline, signaling a potential shift in momentum. The price then dropped sharply, forming a downtrend.

Bitcoin Price Bullish Technicals Signal A Pullback

The RSI (Relative Strength Index), calculated over 14 periods, currently stands at 56.33, indicating neutral conditions. This level suggests that the price may be preparing for a move in either direction, depending on the strength of buying or selling activity. Bitcoin has seen corrections whenever the RSI approaches or exceeds the 70-80 range, which aligns with the current technical outlook.

LuxAlgo trendlines further confirm the recent volatility, with visible breaks in bullish and bearish trends. The dotted green trendline represents a potential support zone if the price begins to retrace. This trendline may guide the asset’s movement during a correction, with $58k being a key level to watch for potential bounce-back scenarios.

On the other hand, if the bulls regain control, sustaining the price above $62,800 could enable the asset to retest the recent high at $64,200 or even push into uncharted territory with new highs. If the downtrend fails to gain momentum, the price could rise back to the $64k resistance zone or higher, creating opportunities for long trades. Traders should remain cautious and monitor key levels.

A bullish scenario would involve entering above $62,800 with a target of $64,200, while a bearish scenario would focus on shorting below $62,800, with profit targets around $61,000 to $60,000. Risk management is essential, given the downtrend and the sharp rally, as the market may turn volatile in the coming sessions.

Investors Anticipate More Downside In The Markets, But What’s Next?

As traders anticipate more bearish momentum for the Bitcoin price, investors are quickly adding to the Meme Index (MEMEX) presale, which has already raised over $2.8 million in early funding.

Investors can now diversify their meme coin investments with four portfolios thanks to MEMEX, the first decentralized project offering meme coin indices. Meme Index has raised $2.8 million so far in early funding.

🚨 Meme Index is live in Upcoming Tokens! 🚨@memecoin_index presents the first-ever diversified meme coin platform, powered by $MEMEX, giving unparalleled access to the $120 billion meme coin market.

Meme Index offers exclusive access to indexes that cater to every risk… pic.twitter.com/GsiBBuZOzX

— Best Wallet (@BestWalletHQ) December 27, 2024

MEMEX simplifies investing in meme coins with four portfolios: Meme Titan, Meme Moonshot, Meme Midcap, and Meme Frenzy. Each portfolio is designed to cater to different risk appetites, allowing investors to go with the option that best suits their preferences.

Popular YouTuber ClayBro, with over 135k subscribers, predicts that MEMEX could surge 26X in value after launch.

Investors can also stake their tokens during the presale and earn an impressive 821% annual yield.

Currently, MEMEX tokens are priced at $0.0155312 and can be bought using ETH, USDT, BNB