Onyxcoin (XCN) has recently experienced a strong bullish breakout, showing signs of long-term upward potential. After clearing multiple significant technical levels, including the 200-day and 50-day moving averages, the cryptocurrency is now gearing up for an even more significant rally. A Golden Cross is imminent, with the 50-day moving average about to cross above the 200-day simple moving average (SMA), a classic signal that often leads to further price gains.

The Golden Cross is an important chart formation for traders, often indicating a structural shift to a bullish trend. Historically, when the 50-day moving average crosses above the 200-day SMA, it is followed by significant upward momentum. In XCN’s case, the recent breakout above key resistance levels and the expected Golden Cross are strong indicators that the coin could see continued price appreciation in the coming weeks.

Strong Technical Indicators and Fibonacci Support

Onyxcoin’s recent price movements have been closely aligned with Fibonacci retracement levels, further supporting the bullish outlook. The price recently surged past the 0.618 retracement level at $0.01651, which confirmed the upward trend. The 0.786 level at $0.01733 was also broken, signaling that further upward movement is likely. Traders are now setting their sights on the 1.618 Fibonacci extension at $0.02139, which serves as the next major price target.

The MACD (Moving Average Convergence Divergence) also supports the bullish thesis. The MACD line recently crossed above the signal line, confirming a bullish divergence, which indicates increasing momentum in favor of buyers. Additionally, the Stochastic RSI sits at 65.68, showing strong buying pressure while avoiding overbought conditions. This suggests that XCN still has room to move higher without encountering significant resistance from market exhaustion.

Price Structure and Support Levels

XCN’s price chart shows a series of higher lows, including levels at $0.01340, $0.01400, and $0.01450. These higher lows demonstrate the increasing strength of buyers in the market and reinforce the idea of continued upward momentum. A crucial level for traders to monitor is the $0.01651 zone, as this is the 61.8% Fibonacci retracement level. If XCN can maintain support above this level, the bullish trend will likely continue toward the next resistance at $0.01733 (the 0.786 Fibonacci retracement).

In case of a pullback, the price could retrace to the $0.01593 (50% Fibonacci) or $0.01535 (38.2% Fibonacci) levels. However, if these levels hold strong, the bullish trend will remain intact, and XCN may continue its march toward the 1.618 extension at $0.02139. On the flip side, a drop below the $0.01535 level could signal a weakening of the bullish structure and could lead to a deeper retracement.

Sentiment and Long/Short Ratio

Market sentiment, as reflected by the Long/Short ratio, also supports the ongoing bullish outlook. The ratio recently hovered around 1.00, suggesting a balance between long and short positions, but with a slight edge toward long positions. This suggests that traders are more optimistic about XCN’s price action. Historically, periods of high short interest have been followed by price reversals to the upside, which adds to the expectation of continued bullishness.

Conclusion

The technical setup for Onyxcoin is increasingly bullish, driven by a key breakout above the 200-day moving average, the formation of a Golden Cross, and solid Fibonacci retracement support levels. If XCN continues to hold above critical support levels, such as $0.01651, the path to the next major target at $0.02139 remains clear. With bullish momentum building, traders are positioning themselves for further gains, and the increasing dominance of long positions suggests that the market believes in continued upside potential for XCN. However, if XCN fails to hold the support levels or encounters significant resistance, it could face a pullback, but the overall sentiment leans toward further gains in the short term.