- Onyxcoin’s breakout signals strong bullish momentum, potentially leading to a 500% gain if it sustains upward momentum.
- A surge in volume confirms growing investor interest, suggesting that Onyxcoin’s price rise is backed by solid buying activity.
- After a prolonged downtrend, Onyxcoin’s shift into an uptrend indicates a promising expansion phase, with further upside potential.
$XCN (Onyxcoin) has exhibited strength following a prolonged downtrend and subsequent breakout. The cryptocurrency surged past its resistance levels, setting sights on the $0.1816 mark. Technical analyst JavonMarks believes this move could generate another 500% gain, further reinforcing bullish momentum.
Previously, Onyxcoin endured an extended period of downward movement, with multiple lower highs forming along a curved resistance trendline. This persistent selling pressure kept prices subdued, while volume activity remained relatively low. However, the trend shifted as the market entered a consolidation phase, indicating accumulation by investors.
Volume Surge Confirms Buying Interest
A breakout breached the long-standing resistance, triggering a powerful uptrend. Higher highs and higher lows emerged, validating the bullish reversal. More importantly, volume activity spiked, confirming strong buying participation. This increase in volume aligned with Onyxcoin’s parabolic price rise, further strengthening the bullish case.
Besides, a horizontal target level above the current price highlights a key resistance zone. While the recent price action shows a pullback, this likely stems from profit-taking. Nonetheless, the overall trend remains positive, as volume trends support further price appreciation.
Market Cycle Shifts to Expansion Phase
The market structure now reflects a complete cycle shift, transitioning from a bearish phase to a strong uptrend. Historically, extended downtrends often lead to periods of accumulation before a breakout and expansion. Onyxcoin’s price action mirrors this classic pattern, suggesting further potential upside.
Additionally, increasing volume bars indicate that market participants remain engaged. A rising price alongside growing volume often signals sustained momentum, which could propel Onyxcoin toward its projected target. Consequently, traders and investors will closely monitor price behavior near resistance levels to gauge further movement.