Onyxcoin (XCN) has struggled to recover over the past month, with the price now sitting at a critical support level. 

The altcoin’s price has been stuck in a downtrend, but recent market conditions indicate that this could be the point of reversal. If investors choose to take action, XCN might see a price breakout soon.

Onyxcoin Investors Are at a Loss

The current MVRV Ratio for Onyxcoin is at -30%, indicating that investors who bought XCN in the past month are currently at a loss. While this signals a bearish outlook, it also presents a potential opportunity for future gains.

The MVRV ratio between -10% and -30% typically forms an “opportunity zone,” suggesting that selling pressure tends to saturate at these levels. Historically, accumulation at these low prices has proven to be rewarding when the market turns bullish.

If investors seize this opportunity and move to accumulate, they will help stabilize the price and trigger a future rally. This would allow investors to make significant gains when XCN’s price recovers. As the MVRV ratio remains in the opportunity zone, investors’ decision to act could shape the future of XCN’s price action.

In terms of macro momentum, the technical indicator MACD (Moving Average Convergence Divergence) shows promising signs that the bearish phase could be nearing its end. The MACD is close to signaling a bullish crossover, indicating a shift in market sentiment. With broader market cues showing signs of improvement, the transition to a bullish trend could be imminent for Onyxcoin.

A bullish crossover on the MACD would provide a strong signal that the downtrend for XCN is coming to a close. This would encourage more buying activity, leading to upward price movement. However, for the crossover to occur, it is essential that broader market conditions remain favorable and investor sentiment continues to improve.

XCN Price Needs Strength

Onyxcoin’s price is currently at $0.0168 and is attempting to break out of a month-long downtrend. The altcoin is facing resistance at $0.0182 and will need to breach this level to confirm its recovery. Holding above the crucial support level of $0.0150 is key for any potential breakout.

If XCN manages to break above $0.0182 and flip it into support, this could drive the price to $0.0237. This would trigger a recovery and establish a new bullish trend for the token. For this to happen, investor sentiment and broader market conditions must strengthen. This would create a favorable environment for Onyxcoin’s price to climb.

However, if XCN fails to maintain support at $0.0150 and continues the downtrend, the price could fall further. This would invalidate the bullish outlook. A drop below this support level could extend the losses, preventing a price recovery in the near term.

While the crypto market continues to recover from the weekend’s losses, some altcoins have already started to climb. Investor support and gradual recovery have helped these tokens avoid further declines and instead spark rallies.

BeInCrypto has analyzed three altcoins that reached new all-time highs today and explored what lies ahead for them.

Pi Network (PI)

Pi Network’s price surged by 19% in the last 24 hours, reaching an all-time high of $1.98 during an intra-day rally. However, it has since fallen slightly, currently trading at $1.90. This price action highlights Pi’s volatility amid market fluctuations and investor interest.

Despite the recent dip, Pi Network has seen strong support from investors. The coin has garnered significant attention, especially due to its controversial mining methods. If this continued attention persists, Pi could see its price trend upward, potentially pushing above the $2.00 mark and forming a new all-time high.

However, if Pi fails to hold support at $1.59, it could face further declines. A drop below this support level might see the price slide to $1.43, with a critical support point at $1.19. Losing these levels would invalidate the bullish outlook and extend the downtrend.

Kaito (KAITO)

KAITO’s price surged by 28%, reaching $2.12, and briefly hit a new all-time high of $2.17 during the intra-day rise. This significant increase highlights strong investor interest and the potential for continued growth. The altcoin’s performance remains promising, suggesting an upward trajectory if bullish momentum continues.

Following last week’s launch, KAITO has captured investor attention, with a growing sense of optimism surrounding the token. If the current bullish sentiment continues, KAITO could climb toward $2.50 in the coming days, further reinforcing its position in the market. 

However, if KAITO fails to break above $2.17, it could face a downturn. A failure to breach this resistance may lead the altcoin to fall back to $1.86 or even lower, to $1.71. Such a decline would invalidate the current bullish outlook and erase recent gains.

Staika (STIK)

Another one of the altcoins, Staika (STIK), has made an impressive move, achieving a new all-time high (ATH) of $5.41. Despite broader bearish market conditions, the crypto token managed to hold steady above $5.05, preventing a further decline. This resilience shows strong investor confidence in its potential for further growth.

This marks the second ATH in just seven days for STIK, indicating a potential breakout. If the altcoin continues this upward momentum, it could soon surpass $5.60, establishing a new resistance level.

However, if STIK fails to breach the $5.41 resistance, it may face consolidation within the range of $5.41 to $5.05. A failure to hold the $5.05 support level would invalidate the bullish outlook, potentially pushing the price down to $4.58. Market sentiment will be crucial in determining the next move.

As the broader crypto market continues its decline today,  some altcoins have stood out, gaining attraction from traders and investors alike.

Among today’s trending assets are Ondo (ONDO), Celestia (TIA), and KAITO (KAITO), each of which has defied the broader downturn with sizable gains.

Ondo (ONDO)

The Real-world asset (RWA) token ONDO is one of today’s most searched assets. It currently trades at $0.98, with a 2% price uptick in the past 24 hours.

Following an extended period of decline, readings from ONDO’s Relative Strength Index (RSI) suggest that the altcoin might be poised for a bullish rebound. At press time, this momentum indicator is in a downtrend at 31.70. 

An asset’s RSI measures its overbought and oversold market conditions. It ranges between 0 and 100, with values above 70 indicating that the asset is overbought and due for a decline.

On the other hand, values under 30 indicate that the asset is oversold and may witness a rebound. At 31.70, ONDO’s RSI signals that the token is nearly oversold and could experience a positive price correction if new demand enters the market.

ONDO’s price could climb above $1 to trade at $1.23 in this case.

However, ONDO’s price could fall to $0.87 if the decline continues. 

Celestia (TIA)

TIA, the native coin of the modular blockchain network Celestia, is another altcoin trending today. It has also bucked the broader market downturn to record 21% gains over the past 24 hours. 

Its positive Balance of Power (BoP) reflects the high demand for the altcoin among spot market participants. As of this writing, it is at 0.70. 

An asset’s BoP compares the strength of its buyers and sellers by analyzing price movements within a given period. When its value is positive, it indicates that buyers are dominating the market, signaling strong bullish momentum and potential for further price gains.

If TIA maintains its rally, its price could reach $6.78.

On the flip side, a decline in demand could push TIA to its year-to-date low of $2.35.

KAITO (KAITO)

The newly launched AI token KAITO is a trending altcoin today. Despite the general market decline, its price has risen 7% in the past 24 hours.

Its Aroon Up Line, assessed on an hourly chart, confirms the strength of KAITO’s uptrend. As of this writing, it is at 100%.

The Aroon Indicator measures an asset’s trend strength and identifies potential reversal points. When the Aroon Up line is at 100%, it signals that the asset has recently hit a new high and suggests a strong uptrend with bullish momentum. If KAITO maintains its rally, it could revisit its all-time high of $2.10.

Conversely, a dip in buying pressure could cause its price to drop to $1.82.