Onyxcoin (XCN) has been struggling over the past month, with the price dropping by more than 45% from its high at the end of January. After a historic surge earlier this year, the token now appears to be cooling off. However, technical indicators suggest that the downward trend may be losing strength, and Onyxcoin could be poised for a potential rebound.

XCN’s RSI Shows Neutral Momentum

Onyxcoin’s Relative Strength Index (RSI) is currently at 41.7, reflecting a period of consolidation. The RSI has fluctuated between 41 and 55 over the past week, indicating that there is no strong bullish or bearish trend at the moment.

The RSI is a key momentum oscillator that helps traders assess the speed and change of price movements. Readings above 70 signal that an asset is overbought, while readings below 30 suggest it is oversold. With XCN’s RSI sitting at 41.7, it suggests mild bearish pressure but not enough to confirm an oversold market. This indicates that XCN could be in a consolidation phase, with traders waiting for clearer signals before making further moves.

ADX Indicates Weakening Downtrend

The Average Directional Index (ADX), which measures the strength of a trend, has also been showing signs of weakening bearish momentum. Currently, the ADX stands at 8.33, down from 14.7 just a few days ago.

An ADX below 20 typically indicates a weak or non-trending market, and with the current ADX value, it suggests that the downtrend for XCN is losing strength. Without a strong trend, the price of XCN may continue to move within a range, showing smaller fluctuations in the short term.

Potential Support and Resistance Levels

XCN’s price is currently trading lower than where it stood in late January, down 42% over the last 30 days. The immediate key support level for Onyxcoin is at $0.01. If the downtrend continues, a further breakdown below this level could test even lower prices, potentially retesting the price point that XCN saw before its surge earlier this year.

However, given the weakening downtrend, Onyxcoin could see a recovery soon. If the token regains momentum, it may challenge the resistance level at $0.0149. A breakout beyond this resistance could propel XCN toward the $0.017 mark. If the market turns bullish, XCN could even revisit its peak from late January and possibly break the $0.02 threshold for the first time since early March.

Conclusion: Is XCN Ready for a Rebound?

Despite a 42% drop in the last 30 days, Onyxcoin (XCN) shows signs that its downtrend may be fading. The RSI is neutral, and the ADX suggests that bearish momentum is weakening. These technical signals indicate that XCN could be consolidating before a potential rebound.

In the short term, if Onyxcoin manages to stay above key support levels and breaks through resistance at $0.0149, a rebound could take place, with prices possibly testing higher levels like $0.017 or $0.02. However, if the downtrend resumes, XCN could retest $0.01 support.

Investors should keep an eye on these levels, as they will provide important clues about the next direction for XCN. With the downtrend weakening, there is potential for Onyxcoin to regain strength in the coming weeks.