XCN Crypto (Onyxcoin) has recently surged by 12% to reach $0.017, effectively breaking out of a prolonged bull flag pattern.
Technical indicators are aligning and increasing network activity is contributing to this upward momentum, suggesting that the bullish trend is gaining strength.
The Bull Flag Breakout For XCN Crypto
XCN’s latest price action can be traced back to a bull flag pattern that formed starting from April 10. Initially, the flagpole was established with a sharp price increase to $0.027, followed by a correction phase that saw a decrease to $0.013. Currently, breaking above the flag’s upper trendline indicates an end to the correction phase and the potential for further gains.
XCN is now trading above its 50-day and 100-day EMAs near $0.0156, approaching a key resistance trendline. A daily close above $0.01699 would confirm the breakout, putting $0.020 in view.
“$xcn crazy bottomed”
Translation: “$xcn has hit a solid bottom.”
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Key Metrics:
- MACD Indicator: Rising signal lines suggest strong buying interest.
- RSI: Currently at 57, nearing overbought levels, indicating growing demand.
- Bull Bear Power (BBP): Trending positively, showing that buyers are gaining control.
While the Chaikin Money Flow (CMF) has not yet turned positive, it is hovering just below zero, indicating that buying pressure is steadily increasing.
What’s Next for Onyxcoin?
Data from Santiment shows that Onyxcoin’s Daily Active Addresses (DAA) remain in positive divergence, reflecting strong genuine network activity behind this price movement, indicating it isn’t merely speculative hype.
If this momentum continues, a breakout above $0.020 could occur, and along with strong buying pressure, $0.023 may soon be reached.
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Key Takeaways
- XCN Crypto (Onyxcoin) has jumped 12% to $0.017, emerging from a long-standing bull flag.
- Technicals are showing improvement, while rising network activity reinforces the breakout. The bullish momentum is apparent.
