Onyxcoin (XCN) lost over 50% in February after a massive rally of nearly 2,000% between January 13 and January 26. Despite the ongoing decline, its recent indicators show mixed signals. RSI has stayed neutral for the past nine days, and ADX is pointing to a weakening downtrend.

XCN is currently trading between resistance at $0.017 and support at $0.0143, with EMA lines still reflecting a bearish trend. Whether the price moves higher or lower will depend on whether momentum returns or if selling pressure continues to push XCN toward lower support levels.

XCN RSI Has Been Neutral For 9 Days

Onyxcoin has an RSI of 43.2, down from its recent high of 68.9 on March 2.

Since yesterday, it has been fluctuating between 45 and 46, maintaining a neutral position without clear upward or downward momentum.

RSI, or the Relative Strength Index, is a momentum indicator that measures the speed and magnitude of price movements on a scale from 0 to 100.

Readings above 70 indicate overbought conditions, suggesting a potential pullback, while readings below 30 signal oversold conditions, which could precede a rebound.

With XCN’s RSI at 43.2, the asset remains in neutral territory, where it has been since February 25.

A move above 50 could indicate growing bullish momentum, while a drop toward 30 may signal increasing selling pressure.

Onyxcoin ADX Shows the Downtrend Is Losing Steam

XCN’s ADX is 16.8, down from 36.6 three days ago, indicating a steady decline in trend strength. This drop suggests weakening momentum, aligning with XCN’s recent downtrend over the past few days.

The Average Directional Index (ADX) measures the strength of a trend on a scale from 0 to 100.

Readings above 25 typically indicate a strong trend, while values below 20 suggest weak or nonexistent trend momentum. With XCN’s ADX at 16.8, the current downtrend lacks strong conviction, meaning further downside may be limited unless momentum picks up again.

If ADX continues to decline, XCN could move into a consolidation phase rather than a sustained downward move.

Onyxcoin Could Fall Below $0.014 Soon

After a historical surge in January, when XCN was one of the best-performing altcoins in the market, Onyxcoin’s price is now trading between resistance at $0.017 and support at $0.0143. Its EMA lines show a bearish trend as short-term EMAs remain below long-term ones.

If the ongoing downtrend continues, XCN could test the $0.0143 support level, and a break below that could push the price further down to $0.0134.

However, ADX indicates that the downtrend is weakening, which could open the door for a reversal.

If buying momentum returns, Onyxcoin could test resistance at $0.017, and a breakout above that level could send the price toward $0.022. A stronger recovery, similar to its momentum in January, could push XCN as high as $0.0264.

XRP is up more than 7% in the last 24 hours, bringing its market cap near $150 billion. The crypto community is now debating how its inclusion in the US crypto strategic reserve will impact its long-term price action.

Attention is also on the upcoming White House Crypto Summit on March 7, which could play a key role in shaping market sentiment. Whether XRP continues its rally or faces new resistance will depend on these developments and whether technical indicators confirm a sustained uptrend.

XRP DMI Shows Buyers Are Still In Control

XRP’s DMI shows that its ADX is currently at 18.49, down from 36.2 four days ago, indicating that the strength of its trend has weakened significantly.

The +DI (positive directional index) is at 25.1, down from 50, while the -DI (negative directional index) has risen to 14.4 from 9.3.

This shift suggests that bullish momentum has faded while selling pressure has slightly increased, making it harder for XRP to establish a strong uptrend.

The Average Directional Index (ADX) measures trend strength on a scale from 0 to 100, with readings above 25 signaling a strong trend and values below 20 indicating weak or nonexistent momentum.

XRP’s ADX at 18.49 suggests that its current attempt to form an uptrend lacks strength. The declining +DI shows buyers could be losing control, while the rising -DI indicates sellers are gaining ground.

If this trend continues, XRP may struggle to sustain an upward move, but if ADX picks up again and +DI rebounds, bullish momentum could return.

XRP Active Addresses Just Hit A New All-Time High

XRP’s 7-day active addresses have surged to 1.16 million, marking their highest level ever.

This sharp increase comes after the metric stood at just 236,000 on February 27, indicating a significant rise in network activity over the past few days.

Tracking active addresses is important because it reflects user engagement, transaction activity, and overall demand for a cryptocurrency.

A rising number of active addresses often signals increased adoption and interest, which can support price growth. Despite the crypto community questioning whether XRP should be included in the US crypto strategic reserve, this spike in activity suggests strong network participation.

If this trend continues, it could help sustain bullish momentum for XRP, potentially driving prices higher.

Will A Golden Cross Make XRP Surge Soon?

XRP’s EMA lines indicate that a golden cross could form soon, as short-term moving averages continue to rise. If this bullish signal materializes, XRP price could test resistance at $2.74, with a breakout potentially sending the price to $2.99 and even $3.15.

However, this will depend on key developments, including the next steps regarding the US crypto strategic reserve and potential announcements at the White House Crypto Summit on March 7.

Tracy Jin, COO of MEXC, told BeInCrypto:

“The approach to establishing strategic reserves is contentious and may require either an executive order or Congressional authorization, potentially undermining long-term policy stability. While Trump’s initiatives are expected to boost market confidence and attract institutional investments in the short term, uncertainties remain over policy effectiveness, Congressional support, and international market reactions in the medium to long term. Investors should monitor these developments closely and adjust their strategies accordingly.”

On the other hand, if it fails to build an uptrend and selling pressure increases, it could test support at $2.50, with a further drop potentially pushing it to $2.33.

A stronger downtrend could drive prices to $2.06 or even below $2, testing $1.95.

New York State Representative Clyde Vanel proposed a bill attempting to legislate regulations around crypto scams. The bill defines a wide variety of crypto-related crimes as fraud, but it limits the resultant penalties.

The crypto community has responded positively to the effort, citing the unprecedented torrent of scams. Federal regulators have reduced their crypto enforcement lately, but legislative efforts could pass constructive new statutes.

New York Bill Plans Crypto Regulation

US crypto regulation is in limbo right now, and New York State Representative Clyde Vanel may be able to provide solutions. Since President Trump took office, federal regulators like the SEC have been claiming they don’t have jurisdiction over crypto enforcement and dropping a tranche of lawsuits.

To that end, Vanel proposed a new bill to clarify crypto regulation.

“Any person, partnership, corporation, company, trust or association, developer, or any agent or employee thereof who violates the provisions of this article shall be subject to a civil fine of not more than $5 million or imprisoned not more than twenty years, or both,” it read. These lesser fees apply to individuals, while organizations could face fines of up to $25 million.

Vanel’s crypto regulation bill sets an ambitious task for itself. The section on penalties is fairly boilerplate, but its various statutes define much of the entire Web3 industry.

The bill describes several distinct types of scams, thefts, and other criminal practices, legally defining them as fraud. These definitions don’t just apply to crypto; they also cover NFTs, blockchains, DeFi projects, and more.

So far, the crypto community has responded favorably to the bill’s proposed regulations. It’s easy to see why, as the community is stuck in an unprecedented wave of scams.

The largest crypto hack ever just happened, social engineering scams are raking in huge amounts, and fake political meme coin scams are being launched by sitting heads of state.

In short, the community is worried that these scams may damage crypto’s credibility. Therefore, a bill to actually hammer out beneficial regulations could be very useful.

Under Biden’s administration, federal regulators led the charge on crypto crimefighting, sparking fears of overreach. Maybe a legislative effort could change these perceptions.

Since Vanel filed this bill in New York, its proposed regulations could have a serious impact if passed. The state is a critical finance hub in the US, and New York-based prosecutors handle some of the biggest crypto crimes.

Vanel’s effort doesn’t even ascribe particularly harsh penalties; it’s more important to legally define these actions as fraud. Case in point, the Southern District of New York sentenced Sam Bankman-Fried to higher fines and jail time than Vanel’s bill would allow.

However, it’s still too early to say whether this bill may pass. The community’s initial reaction was positive, but other opinions may come to light.

Additionally, Vanel introduced this without any cosponsors. The Democrats hold a firm grasp on New York, so Republican cooperation is not necessary, but the bill may still die in committee.