- XCN’s Fibonacci retracement levels indicated clear price reactions at key zones. The price recently cleared the 0.618 retracement level ($0.01651), a critical bullish confirmation.
- XCN’s Long/Short ratio chart revealed fluctuating sentiment among traders.
Onyxcoin [XCN] has recently demonstrated a strong bullish breakout, whereby its price has surged above key moving averages, hinting at a potential long-term uptrend.
With an imminent Golden Cross formation and strong Fibonacci retracement levels supporting further upside, traders are closely watching for confirmation of sustained bullish momentum.
The XCN/USDT 1-hour chart indicated a strong breakout above the 200-day SMA at $0.01638, confirming bullish momentum. The breakout aligned with increasing trading volume, suggesting strong market participation.
The price surged past the 50-day MA, currently at $0.01597, reinforcing bullish sentiment.
A Golden Cross is imminent as the 50-day MA is on track to cross above the 200-day SMA. This rare but historically reliable bullish signal could drive further momentum. A series of higher lows forming at $0.01340, $0.01400, and $0.01450 indicates strong buyer interest.
If the Golden Cross completes, traders may see a push toward the 1.618 Fibonacci extension at $0.02139.
Conversely, failure to sustain above $0.01837 could trigger a retest of $0.01651 (61.8% Fibonacci retracement). A breakdown below $0.01535 (38.2% Fibonacci) may invalidate the bullish structure.
Confirming XCN’s bullish movement
Further, XCN’s Fibonacci retracement levels indicate clear price reactions at key zones. The price recently cleared the 0.618 retracement level at $0.01651, a critical bullish confirmation.
Additionally, the 0.786 level at $0.01733 was broken, supporting continued upward movement. Traders now eye $0.02139, the 1.618 extension, as a potential target.
Moreover, the MACD analysis supports this outlook. The MACD line at 0.00028 has crossed above the signal line at 0.00093, confirming bullish divergence.
A steady increase in histogram bars indicates rising momentum. The Stochastic RSI, hovering at 65.68, signals strong buying pressure while avoiding overbought territory. This leaves room for more upside.
Should Onyxcoin retrace, Fibonacci levels suggest support at $0.01593 (50%) and $0.01535 (38.2%). If these levels hold, the bullish trend remains intact.
However, if selling pressure increases, a drop to $0.01464 (23.6%) is possible. Currently, momentum indicators favor continued upward price movement.
Are Onyxcoin bulls dominating?
The Onyxcoin Long/Short ratio chart revealed fluctuating sentiment among traders. Despite periodic spikes in short interest, long positions have remained dominant, particularly in the most recent sessions.
Source: Coinglass
The Long/Short ratio was hovering around 1.00, suggesting equilibrium but with bulls slightly in control.
Historically, higher short interest coincides with local price bottoms, as seen on the 27th of February and 1st of March, followed by strong upward reversals. The latest increase in longs suggests confidence in further price appreciation, aligning with the technical breakout above the 200-day SMA.
If bulls maintain dominance, XCN could sustain its push toward $0.02139. However, if short positions increase sharply, a temporary pullback toward $0.01651 may occur before another rally.
The Long/Short ratio remains a key metric for assessing market confidence as XCN approaches critical resistance levels.
In conclusion, Onyxcoin’s recent price action signals strong bullish potential, with technical indicators aligning to support further upside.
The breakout above the 200-day SMA and imminent Golden Cross indicate a structural shift favoring bulls. If XCN maintains support above key levels, a test of $0.02139 remains likely.
