OnyxCoin (XCN) is stuck in neutral. While other cryptos are busily making new highs, the price of XCN has remained flat in a tug-of-war. Are worried investors holding it back, or is the overall market climate weighing down this potential bird?
But hold on, the winds may be shifting! It is being whispered that users might receive gasless voting under the next OIP-56 proposal. Will this put fire under the XCN price to soar?
Onyxcoin Is Overvalued
Red alert! The NVT ratio of Onyxcoin hits a five-month high. Is XCN-going up high and fast? The network’s valuation is outstripping real-world usage, thereby hinting at a price bubble. Does that mean transactions fuel the rise, or is it the hype?
The price of Onyxcoin is going red. The NVT ratio, our early warning indicator, screams disconnect. It’s a little mirage of value dancing on the big desert of real-world use. History faintly whispers a warning: inflated perceptions eventually burst. Should investors smell overvaluation, then brace for an Onyxcoin fire sale.
XCN NVT Ratio. Source: Santiment
An existence on the razor’s edge is how Onyxcoin associates. Statements of overvaluation are thrown about, but charts speak a different language. Keyality Relative Strength Index as a heartbeat indicator, stubbornly refuses to sit below 50. The XCN isn’t crashing; its flight might well be a little defying gravity against a market hell-bent on keeping it down. Is this the strength of the bulls, or is it a bummer of an encore?
Onyxcoin looks like it could be on the verge of putting a spring in its step. The RSI is suggesting either calm or the chance of climbing. Changes in the winds of market favor or the unlocking of some new network capabilities via OIP-56 could very well be the winds of comeback for Onyxcoin.
XCN RSI. Source: TradingView
XCN Price Aims For Recovery
Onyxcoin is stuck in neutral, currently priced at a measly $0.0180. Trapped in a tug-of-war for weeks, the price is sanctioned between $0.0214 and $0.0165 and persistently fails to win out. With the bulls seemingly losing vigour, Onyxcoin finds it tough to breach its resistance of $0.0214, signaling the possibility of an uncertain market.
It is a price tug-of-war, with market sentiments and technical signals sending contradictory signals. Hence, sideways remotion, whether up or down, may carry on until a winner is chosen.
Behind this tug-of-war lies the price of Onyxcoin, waiting for that market earthquake to seal its fate. If that is not forthcoming, this stalemate will certainly drag on. One has to take heed of the ominous forecast, as it might propel Onyxcoin crashing below $0.0165, while the potential freefall may extend as far as $0.0150.
This would further validate concerns about the cryptocurrency’s overvaluation and could signal a deeper correction in its price.
XCN Price Analysis. Source: TradingView
However, if Onyxcoin caught a tailwind of investor enthusiasm, breaching $0.0214 would become an assured possibility. Successful penetration would open the path to $0.0237, with the more ambitious stargazing to reclaim $0.0300.
“One, if not whoever is the Onyxcoin bull, seems ready to charge upon Onyxcoin. I think it would destroy the bearish narrative if there would be any decisive break above this level, implying a very powerful ascent ahead.”
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