crypto.news 2025-05-16 13:15:28

Onyxcoin price surges 15% with volume over $500M as it exits overbought zone

XCN price is showing fresh signs of bullish momentum as it surges past 15% in 24 hours while testing a key resistance zone, potentially tracking towards $0.035 next. Onyxcoin ( XCN ) is up over 15% in the past 24 hours, currently trading at $0.019, while the trading volume has surged over 500%. With this surge, the price is now testing the upper boundary of the range where it has been consolidating since the breakout rally that occurred between April 9 and April 11. Yesterday, XCN price broke above the 20-day EMA and continues to trade above it. The EMA 20 remains well above the SMA 50, sustaining the bullish crossover that initially occurred during that short April breakout rally. Since that rally, XCN price has also cooled off from overbought RSI levels, with the RSI now settling in bullish territory around 55. This suggests that the altcoin has reset its momentum and now has ample room to run before approaching overbought levels again. Source: TradingView You might also like: Onyxcoin price surges 10% – is another 200%+ breakout in play? Looking ahead, once the psychological $0.020 level is cleared—which also marks the upper boundary of the current consolidation range in terms of daily closes—the next upside target lies around $0.027, which was the local high reached during the April 9–11 rally. A breakout above that level would open the path toward $0.035, another key psychological level and the upper boundary of the distribution range after the late January peak. However, reaching that level would require sustained bullish momentum and strong volume. As of now, volume remains significantly below the spikes seen during the April breakout, although it has noticeably picked up on in the last couple of days. A breakdown below $0.15 – $0.16 support zone would invalidate the bullish outlook. You might also like: DYDX price poised for breakout as bullish technical signals converge with strengthening fundamentals