- Short-term holders are basking in the glow of considerable gains, but beware of the treacherous siren call of profit-taking lurking nearby.
- The sprightly reaction at the 78.6% Fibonacci level portends a delightful shift in the XCN bullish structure, perhaps blossoming in the days to come.
Behold, dear readers! Onyxcoin [XCN] has pirouetted upward by a dazzling 16% in the last 24 hours, while its daily trading volume meanders upward by 12%. 🎉
Not long ago, during a grand market-wide capitulation, our brave Onyxcoin took a tumble of 30%, scraping the bottom to a languid $0.018. Yet like a phoenix reborn, it has soared a breathtaking 68% in just 30 hours! Who knew digital tokens could be so dramatic? 😆
This choppy sea of volatility is but a joyous playground for traders; the audacious bullish rebound from those depths might signify a hidden strength. One ponders: what cunning tricks do the XCN bulls conceal? 🐂
Is Onyxcoin truly a golden chalice beckoning for investment?
In the latter half of January, Onyxcoin experienced a rapturous surge, accompanied by an explosion in on-chain merriment.
As the prices danced, Fibonacci retracement levels were summarily plotted; the recent price dip ensnared that oh-so-fatal 78.6% line at $0.0194.
The energetic bounce, nearly 70%, since that fateful plunge serves as a rosy beacon for investors. The swift charge was a signal of bullish conviction; the price leapt away from the dreaded test. 🌈
The fair value gap at $0.0282 stands stalwart as a short-term support zone that our fearless bulls are expected to guard zealously.
Our H4 RSI careens back above the neutral 50-line, a beacon of upward momentum. Meanwhile, the OBV is beginning its upward climb, like a hopeful climber scaling financial Everest. 🏔️
Yet, let us not forget the lurking shadows of a bearish market structure: the recent lower high at $0.0347 looms ominously before us. Ah! Overcoming it would be akin to flipping a pancake to reveal golden treasures on the other side.🥞
The 7-day MVRV triumphantly flutters in the slightly negative, while the 30-day MVRV grins cheerfully and shines positively at an exuberant 51.39%.
Thus, it appears that most short-term holders are feasting on the spoils of victory, which might tempt them to indulge in some profit-taking, adding yet another layer to the selling pressure.🍽️
Realistic or fantastical, behold XCN’s market cap elucidated in BTC’s lingo!
The Network Value to Transaction (NVT) divides the XCN market cap by its daily circulation. A relatively lofty ratio imbues the sense that the network is prismatic with value, compared to its circulating worth.
This was indeed the case in the bleak months of December and early January; however, the recent surges of activity indicate the token’s intrinsic value shimmers brilliantly at press time, as deemed by the ever-watchful NVT. 💎
Read More
- PSP PREDICTION. PSP cryptocurrency
- NYM PREDICTION. NYM cryptocurrency
- IP PREDICTION. IP cryptocurrency
- EUR IDR PREDICTION
- RLC PREDICTION. RLC cryptocurrency
- INJ PREDICTION. INJ cryptocurrency
- XRD PREDICTION. XRD cryptocurrency
- CTK PREDICTION. CTK cryptocurrency
- EUR INR PREDICTION
- COW PREDICTION. COW cryptocurrency
2025-02-05 04:10