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The Onyxcoin price has skyrocketed 133% in the last 24 hours to trade at $0.02676 as of 7:00 a.m. EST on a 1,340% pump in trading volume to $1.3 billion.
Onyxcoin Price Spikes In A Parabolic Curve
Looking at the XCNUSD 4-hour chart, a significant resistance zone is around $0.0291, where the price peaked after a steep rally. On the downside, a support zone is clearly defined at $0.0136, which was crucial during the prior consolidation phase before the breakout. This price level will likely be strongly supported if the current bearish momentum intensifies.
A consolidation period persisted until mid-January 2025, when the price moved sideways within a narrow range. This phrase suggests accumulation, as buyers and sellers appear evenly matched. Following the consolidation, the price broke out of a bearish trend marked by a descending triangle pattern.
This breakout was sharp, signalling the start of a strong upward rally. The price subsequently entered a parabolic curve, indicating aggressive buying and strong bullish momentum. Parabolic moves often signify the peak of a trend, as they are typically unsustainable, leading to sharp corrections when the buying pressure subsides.
XCNUSD Analysis Source: TradingView
Onyxcoin Price Bullish Technicals Signal A Pullback
The RSI (Relative Strength Index), calculated over 14 periods, currently stands at 77.86, indicating overbought conditions. This level indicates that the price is potentially in overbought territory, and a correction may be imminent unless there is a sustained influx of buying activity. Onyxcoin has seen corrections whenever the RSI approaches or exceeds the 70-80 range, which aligns with the current technical outlook.
LuxAlgo trendlines further confirm the recent volatility, with visible breaks in bullish and bearish trends. The dotted green trendline represents a potential support zone if the price begins to retrace. This trendline may guide the asset’s movement during a correction, with $0.0136 being a key level to watch for potential bounce-back scenarios.
On the other hand, if the bulls regain control, sustaining the price above $0.0265 could enable the asset to retest the recent high at $0.0291 or even push into uncharted territory with new highs. If the parabolic curve fails to hold momentum, the price could drop back to the $0.0136 support zone or lower, creating opportunities for short trades. Traders should remain cautious and monitor key levels.
A bullish scenario would involve entering above $0.027 with a target of $0.030, while a bearish scenario would focus on shorting below $0.026, with profit targets around $0.020 to $0.015. Risk management is essential, given the overbought RSI and the sharp rally, as the market may turn volatile in the coming sessions.
Meme Index Presale Hurtles Toward $3 Million-Next Crypto To Explode?
While traders anticipate more bullish momentum for the Onyxcoin price, investors are busy pumping money into the presale for Meme Index (MEMEX), the first decentralized project offering meme coin indices that has already raised over $2.8 million in early funding.
MEMEX simplifies investing in meme coins with four portfolios: Meme Titan, Meme Moonshot, Meme Midcap, and Meme Frenzy. Each portfolio is designed to cater to different risk appetites, allowing investors to go with the option that best suits their preferences.
🚨 Meme Index is live in Upcoming Tokens! 🚨@memecoin_index presents the first-ever diversified meme coin platform, powered by $MEMEX, giving unparalleled access to the $120 billion meme coin market.
Meme Index offers exclusive access to indexes that cater to every risk… pic.twitter.com/GsiBBuZOzX
— Best Wallet (@BestWalletHQ) December 27, 2024
For investors who love high-risk, high-reward opportunities, the Meme Frenzy portfolio focuses on new and volatile meme coins. While risky, it offers the chance for big returns, making it perfect for adventurous investors.
In contrast, the Meme Titan Index includes top meme coins with the highest market caps. These portfolios are flexible, adapting to market trends, and guided by community votes. Though risky, they aim for high rewards, attracting investors who embrace volatility.
Popular YouTuber ClayBro, with over 135k subscribers, predicts that MEMEX could surge 26X in value after launch.
Investors can also stake their tokens during the presale and earn an impressive 821% annual yield.
Currently, MEMEX tokens are priced at $0.0155312 and can be bought using ETH, USDT, BNB, or a bank card through the simple widget embedded on the project’s website.
Buy MEMEX before a price hike in 44 hours to secure the best deal.
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