Discover the Secrets of Onyxcoin: Will It Soar or Sink? 🤔💰

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  • It has come to my attention that the Fibonacci retracement levels of XCN have indicated rather clear price reactions at certain key zones. Recently, the price has gallantly cleared the 0.618 retracement level ($0.01651), a most critical bullish confirmation, indeed!
  • Moreover, the Long/Short ratio chart of XCN has revealed a most fluctuating sentiment among traders, akin to the whims of a capricious suitor.

Onyxcoin [XCN], in a most audacious display, has recently demonstrated a strong bullish breakout, whereby its price has surged above key moving averages, hinting at a potential long-term uptrend, much like a dashing hero in a romantic novel.

With an imminent Golden Cross formation and robust Fibonacci retracement levels supporting further upside, traders are watching with bated breath for confirmation of sustained bullish momentum. One might say, the suspense is positively thrilling! 🎭

The XCN/USDT 1-hour chart has indicated a strong breakout above the 200-day SMA at $0.01638, confirming bullish momentum. This breakout, aligned with increasing trading volume, suggests a most enthusiastic market participation, as if all the eligible bachelors have suddenly arrived at the ball.

Indeed, the price has 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, much like a well-timed proposal.

If the Golden Cross completes, traders may see a push toward the 1.618 Fibonacci extension at $0.02139, which sounds rather delightful, does it not?

Conversely, should the price fail to sustain above $0.01837, it could trigger a retest of $0.01651 (61.8% Fibonacci retracement). A breakdown below $0.01535 (38.2% Fibonacci) may invalidate the bullish structure, leaving one to ponder the fickleness of fortune.

Confirming XCN’s bullish movement

Furthermore, XCN’s Fibonacci retracement levels indicate clear price reactions at key zones. The price has recently cleared the 0.618 retracement level at $0.01651, a most critical bullish confirmation, indeed!

Additionally, the 0.786 level at $0.01733 was broken, supporting continued upward movement. Traders now cast their eyes upon $0.02139, the 1.618 extension, as a potential target, much like a hopeful debutante eyeing the most eligible bachelor.

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, akin to the excitement of a ball approaching.

The Stochastic RSI, hovering at 65.68, signals strong buying pressure while avoiding overbought territory. This leaves ample room for more upside, much like a well-prepared dance card.

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, much to the delight of the hopeful traders.

However, if selling pressure increases, a drop to $0.01464 (23.6%) is possible. Currently, momentum indicators favor continued upward price movement, as if the winds of fortune are blowing favorably.

Are Onyxcoin bulls dominating?

The Onyxcoin Long/Short ratio chart has revealed fluctuating sentiment among traders. Despite periodic spikes in short interest, long positions have remained dominant, particularly in the most recent sessions, much like the steadfastness of a true romantic hero.

The Long/Short ratio was hovering around 1.00, suggesting equilibrium but with bulls slightly in control, akin to a dance where one partner leads with grace.

Historically, higher short interest coincides with local price bottoms, as seen on the 27th of February and 1st of

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2025-03-03 15:39