Onyxcoin price has started to show some slight signs of recovery, but traders may want to hold off on buying just yet. While it’s true that the XCN price has climbed nearly 9% over the past four days, there are still several warning signs that suggest this bounce might not last.
If we look closely at the chart, Onyxcoin is still trading inside a falling wedge pattern. That’s a type of price structure where the highs and lows are squeezing toward each other, usually forming a downward-sloping triangle.
Right now, the XCN price is moving up from the lower boundary of that wedge, which has acted as support. That small bounce is what’s driving the current price increase. However, unless the price manages to break out of this wedge from the top, this move should only be seen as a temporary retracement, not the start of a full reversal.
So far, the structure remains bearish. The wedge has been guiding the XCN price lower since mid-April, and until that changes, the overall trend is still down.
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Onyxcoin Price Is Still Below the 100-Day Moving Average
Another important factor to note is that the price of Onyxcoin is currently trading below its 100-day simple moving average (SMA), which is sitting around $0.01558. This moving average has historically acted as resistance, and being below it reinforces the idea that sellers are still in control.
As long as the XCN price stays under that line, long-term momentum favors the downside. This isn’t just a technical detail—it’s a sign that buyers haven’t stepped in strongly enough to reverse the larger trend.
$0.0159 Is a Major Resistance to Watch
Even if Onyxcoin manages to push slightly higher, there’s a major resistance level just ahead. The $0.0159 area has acted as strong resistance in the past, and it lines up closely with the upper boundary of the falling wedge.
If price gets rejected there again, it could signal the next leg down.
For a true bullish shift to happen, XCN would need to not only break out of the wedge but also push above both the 100-day SMA and the $0.0159 resistance. That hasn’t happened yet.
RSI Suggests Weak Momentum
Looking at the RSI (Relative Strength Index), we can see that the indicator is still below 50, currently around 41. This tells us that the recent price increase hasn’t been backed by strong buying momentum. In fact, the RSI remains in bearish territory, suggesting that there’s no real strength behind this move.
When the RSI is below 50 for a long time, it typically confirms that sellers still dominate the market. The slight uptick we’re seeing now is more of a breather in a bigger downtrend.
Wait for a Confirmation First
While the recent uptick in the XCN price might look promising at first glance, the broader technical picture remains bearish. The Onyxcoin price is still stuck in a falling wedge, it’s trading below the 100-day moving average, and it’s facing strong resistance around $0.0159. Until the price can break above those levels with strong momentum, this doesn’t look like the right time to jump in.
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If anything, traders might want to wait for a confirmed breakout above the wedge and the moving average before getting bullish again. Until then, this could just be another pause in a longer downtrend.
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