- XCN’s Fibonacci Retracement levels indicated clear price reactions at key zones. The price recently deleted the 0.618 retracement level ($ 0.01651), a critical bullish confirmation.
- XCN’s long/short ratio graph unveiled fluctuating sentiment among traders.
Onyxcoin [XCN] has recently demonstrated a strong bullish breakout, in which the price above the most important progressive averages has risen, which indicates a potential raised trend in the long term.
With an imminent Golden Cross formation and strong Fibonacci retracement levels that are further supported upwards, traders closely pay attention to the confirmation of sustainable bullish momentum.
Source: TradingView
The XCN/USDT 1-hour graph indicated a strong outbreak above the 200-day SMA at $ 0.01638, which confirms Bullish Momentum. The outbreak was tailored to the increasing trade volume, which indicates strong market participation.
The price rose past the 50-day MA, currently at $ 0.01597, which reinforced Bullish sentiment.
A Golden Cross is threatening because the 50-day MA is on track to cross over 200-day SMA. This rare but historically reliable bullish signal could cause momentum. A series of higher lows that forms at $ 0.01340, $ 0.01400 and $ 0.01450 indicates a strong interest rate of buyers.
When the Golden Cross is completed, traders can see a push in the direction of the 1,618 Fibonacci extension at $ 0.02139.
Conversely, it cannot maintain $ 0.01837 a retest of $ 0.01651 (61.8% Fibonacci racement). A breakdown under $ 0.01535 (38.2% Fibonacci) can invalidate the bullish structure.
XCN Bullish Movement
Furthermore, XCN’s Fibonacci Retracement levels indicate at clear price reactions at key zones. The price recently erased the 0.618 retracement level at $ 0.01651, a critical bullish confirmation.
Moreover, the level of 0.786 at $ 0.01733 was broken, which supports the constant upward movement. Traders now look $ 0.02139, the 1,618 extension, as a potential target.
Moreover, the MACD analysis supports this prospect. The MACD line at 0.00028 has been crossed above the signal line at 0.00093, which confirms bullish divergence.
A steady increase in histogram staves indicates an increasing momentum. The stochastic RSI, which floats at 65.68, indicates a strong purchasing pressure and avoids the overbough area. This leaves room for more upside down.
Has to withdraw Onyxcoin, Fibonacci levels suggest support at $ 0.01593 (50%) and $ 0.01535 (38.2%). If these levels apply, the bullish trend remains intact.
However, if the sales pressure increases, a decrease to $ 0.01464 (23.6%) is possible. Currently, momentum indicators are promoting the continued upward price movement.
Are Onyxcoin bulls dominating?
The Onyxcoin Long/short ratio Graphics revealed fluctuating sentiment among traders. Despite periodic peaks in short interest rates, long positions have remained dominant, especially in the most recent sessions.
Source: Coinglass
The long/short ratio floated around 1.00, which suggested balance but with bulls somewhat under control.
Historically, a higher short interest rate coincides with local price bodems, as can be seen on February 27 and March 1, followed by strong upward reversations. The last increase in Longs suggests trust in further price valuation, in accordance with the technical outbreak above the 200-day SMA.
If Bulls maintains dominance, XCN could keep his push to $ 0.02139. However, if short positions increase sharply, a temporary withdrawal to $ 0.01651 can take place before another rally.
The long/short ratio remains an important statistics for assessing market confidence as XCN approaches critical resistance levels.
In conclusion, the recent price actions of Onyxcoin signals a strong bullish potential, in which technical indicators adjust to further upside down.
The outbreak above the 200-day SMA and threatening Golden Cross indicates a structural shift that favor bulls. If XCN supports support above the key levels, a test of $ 0.02139 will probably remain.