![\"Onyxcoin](\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2025\/01\/XCNUSD_2025-01-24_14-21-58.png\")
<\/p>\nThe 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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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XCNUSD Analysis Source: TradingView<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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