Onyxcoin (XCN) RSI Is Down After Reaching 55, ADX Shows the Downtrend Is Still Strong

XCN is down 19% in the last seven days and over 35% in the past 30 days, reflecting strong bearish momentum.

Onyxcoin (XCN) price continues to trade within a downtrend on the daily chart after failing to sustain the bullish momentum seen towards the end of last month.

Despite a brief recovery attempt from the lower support at the beginning of this week, XCN price now faces critical support as it trades around $0.015 after dropping from a local high of $0.024 on January 26.

After rising sharply from $0.0094 on January 16, reaching levels as high as $0.024 a week later, and then quickly dropping back down to $0.014 on February 3, the altcoin showed signs of recovery.

However, XCN price encountered strong resistance at $0.0229 on February 11, leading to a sell-off that pushed the price below $0.018. Since then, the downtrend has continued, with lower lows and lower highs being formed on the daily chart.

As a result, XCN price dropped to $0.014 on February 16, testing the critical support level once more. With the downtrend still in effect, buying pressure needs to return to the lower time frame to anticipate a bullish reversal from the current support.

Onyxcoin RSI Is Down After Reaching 55

Observing the price movements on the daily chart, XCN’s RSI is currently at 41.8, after rising from 29.6 two days ago to 55.4 yesterday, indicating increased volatility in market momentum.

RSI, or Relative Strength Index, is a momentum oscillator that measures the speed and change of price movements, ranging from 0 to 100. An RSI above 70 suggests an asset is overbought, indicating potential selling pressure. Meanwhile, an RSI below 30 suggests it is oversold, potentially signaling buying opportunities. An RSI between 30 and 70 is generally considered neutral, reflecting normal market fluctuations.

XCN’s RSI dropping from 55.4 to 41.8 after a sharp rise from 29.6 indicates a shift from bullish to bearish sentiment. This decline suggests that buying momentum has weakened, increasing selling pressure. If the RSI continues to fall toward 30, the altcoin could face further downward movement.

However, if the RSI stabilizes above 40, it could indicate consolidation before the next price move.

XCN ADX Shows the Downtrend Is Still Strong

XCN’s ADX is currently at 25.2, rising from 13.9 three days ago and peaking at 27 a few hours ago, indicating a strengthening trend.

The Average Directional Index (ADX) measures the strength of a trend without indicating its direction, ranging from 0 to 100. An ADX below 20 suggests a weak or non-existent trend, while a value above 25 indicates a strong trend. A rising ADX confirms increasing trend strength, regardless of whether the price is moving up or down.

With XCN currently in a downtrend, an ADX of 25.2 indicates that selling pressure is still strong, potentially leading to further price declines. If the ADX keeps above 25, it would confirm the downtrend’s momentum.

Conversely, if the ADX starts to decline, it could indicate weakening bearish pressure and the possibility of consolidation. The current ADX level signals caution, as the downtrend shows no signs of reversal yet.