- The short -term holders sat on significant profits, and this can lead to some sales pressure from profit
- The Swift reaction from 78.6% Fibonacci level meant that an XCN -HAUSSEIGAGE structural shift could be realized in the coming days
Onyxcoin (XCN) has risen higher by 16% over the past 24 hours and its daily trade volume increases by 12%.
During the latest market -wide sales, Onyxcoin lost 30% when it reached lows to $ 0.018. However, it has bounced 68% from these lowness for 30 hours ago.
This volatility is a trader -paradise, and the strong hausse reaction from the lowness may be a sign of underlying strength. What has XCN Bulls raised the sleeves?
Does Onyxcoin give a good purchase opportunity?
Source: XCN/USDT on TradingView
During the second half of January, Onyxcoin saw a strong price increase and activity on the chain.
This rally was used to plot a set of fibonacci retracing levels. The latest price drop saw 78.6% level to $ 0.0194 tested.
The strong bounce of almost 70% since then was a good sign for investors. The rapid reaction showed raised conviction. The 78.6% level was tested and the price jumped away.
Gapet for real value of $ 0.0282 was the next short -term support zone that bulls are expected to defend.
H4 RSI was back above the neutral 50, which indicated upward speed. OBV also started trendy higher, which reflects increased volume of purchases.
However, the market structure was baisse -like, with $ 0.0347 was the latest lower high for the price to overcome. Such a movement would turn the structure into a haussey.
Source: Singlent
The 7-day MVRV was somewhat negative, but 30-day MVRV was strongly positive at 51.39%.
Therefore, most of the short -term holders were in profit, and this can attract them to take profits and contribute to sales pressure.
Realistic or not, here is XCN’s market value in BTC’s terms
NVT network value (NVT) shares the XCN market value with its daily circulation. A relatively high relationship indicates that the network is expensive compared to the value transferred in the network.
This had been the case in December and early January, but increased activity meant that the token was not overvalued at press time, according to NVT.
Disclaimer clause: The presented information does not constitute financial, investment, trade or other types of advice and are the author’s opinion solely
