Connect with us

Market

Onyxcoin (XCN) Drops 23% After January Rally

Published

on


Onyxcoin (XCN) was one of the best-performing altcoins in January, with its market cap soaring from $70 million on January 1 to $1 billion by January 26. However, it’s down 23% in the last 30 days.

The Relative Strength Index (RSI) has dropped to 42, and the Average Directional Index (ADX) indicates a fading downtrend, signaling a potential consolidation phase. If XCN loses its key support at $0.0145, it could drop as low as $0.0075, but a bullish reversal could see it testing resistances at $0.0229, $0.033, and even $0.040.

Onyxcoin RSI Shows Buying Pressure Isn’t Strong

Onyxcoin’s RSI is currently at 42, down from 52.6 two days ago, after previously rising from 29.2.

The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements. It ranges from 0 to 100, with values above 70 indicating overbought conditions and potential for a price pullback, while values below 30 suggest oversold conditions and potential for a rebound.

An RSI between 30 and 70 typically indicates a neutral trend with no strong directional bias.

XCN RSI.
XCN RSI. Source: TradingView.

XCN’s RSI has struggled to break above 60 since January 30, indicating a lack of strong bullish momentum.

The recent drop from 52.6 to 42 suggests that buying pressure is weakening, potentially signaling further downside if the RSI continues to decline. This decrease reflects fading bullish sentiment, making the altcoin vulnerable to continued selling pressure.

If the RSI fails to recover above 50 soon, it could confirm a bearish trend, potentially leading to further price declines.

XCN ADX Shows the Downtrend Is Fading Away

Onyxcoin’s ADX is currently at 15.6, down from 24.2 two days ago. The Average Directional Index (ADX) is a trend strength indicator that measures the intensity of a trend without indicating its direction.

It goes from 0 to 100, with values above 25 signaling a strong trend and values below 20 indicating a weak or non-trending market.

An ADX below 20 suggests that price movements are likely to be sideways or lack momentum.

XCN ADX.
XCN ADX. Source: TradingView.

XCN’s ADX dropping to 15.6 suggests a weakening trend, indicating that the current downtrend is losing momentum.

In a downtrend, a declining ADX reflects reduced selling pressure and market indecision, increasing the likelihood of price consolidation or sideways movement.

However, without a rise in ADX or a directional shift, XCN is unlikely to see a significant price reversal soon. If the ADX remains below 20, the price could continue to drift without a clear direction.

Onyxcoin Could Drop 51% If the Downtrend Gets Strong Again

The combination of a fading downtrend and a dropping RSI suggests that the altcoin could be entering a consolidation phase.

Currently, it has a close support of around $0.0145, which, if tested and lost, could lead to a decline toward $0.0075.

XCN Price Analysis.
XCN Price Analysis. Source: TradingView.

On the other hand, if an uptrend emerges, XCN could rise to test the $0.0229 resistance level. If this is broken, and Onyxcoin recovers the positive momentum seen in previous months, it could continue to rally, testing $0.033 or even $0.040.

This would represent a potential 154% upside from current levels. However, for this bullish scenario to play out, XCN would need to regain strong buying momentum and maintain it through key resistance zones.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Market

XRP Price Struggles as Whale Selling Rises To $2.3 Billion

Published

on


XRP has been on a consistent downtrend in recent days, with its price falling sharply and approaching the $2 mark. This has resulted in extended losses for the cryptocurrency, with a notable rise in selling pressure.

Despite the bearish momentum, key investors are trying to offset the negative impact.

XRP Whales Are Uncertain

Whale activity has been a major factor contributing to the recent decline in XRP’s price. Addresses holding between 100 million and 1 billion XRP have sold over 1.12 billion XRP, worth $2.34 billion, in the past seven days. This has brought their total holdings down to 8.98 billion XRP. 

The selling activity from these whale addresses reflects a cautious outlook for XRP. While whale selling often indicates uncertainty in the market, it’s important to note that their behavior can also have significant short-term price movements. The recent heavy selling could signal that market participants are unsure about the short-term price action, and further bearish trends could follow if this continues.

XRP Whale Holdings
XRP Whale Holdings. Source: Santiment

On the broader market level, XRP’s macro momentum shows signs of divergence from the whale selling. The Liveliness metric, which tracks the behavior of long-term holders (LTHs), is currently declining.

A falling Liveliness typically signals that LTHs are accumulating more of the asset at lower prices rather than selling. This drop to a three-month low suggests that long-term holders are sticking to their conviction and accumulating XRP, even as whale selling intensifies.

The steady accumulation of LTHs might help cushion the bearish effects created by the whales. This behavior can counteract the selling pressure, potentially offering stability to XRP’s price and supporting a recovery if market conditions improve.

XRP Liveliness
XRP Liveliness. Source Glassnode

XRP Price Needs To Find Direction

XRP’s price has fallen by 14.5% this week, bringing it to $2.09, which is dangerously close to losing the critical $2.02 support level. The ongoing bearish momentum has created mixed signals in the market, which are likely to keep the price stuck in a narrow range for the time being.

If XRP can bounce back from the $2.02 support, it could recover some of the recent losses. However, the altcoin may remain consolidated below the $2.27 resistance level unless more positive news or market conditions arise to push it higher.

XRP Price Analysis
XRP Price Analysis. Source: TradingView

If XRP breaks through the $2.27 barrier or falls below $2.02, it could invalidate the current consolidation outlook. A successful breach of $2.27 could pave the way for a price recovery, with $2.56 being the next significant target.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Market

Bitcoin Price Battles Key Hurdles—Is a Breakout Still Possible?

Published

on


Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.


Este artículo también está disponible en español.

Bitcoin price started another decline below the $83,500 zone. BTC is now consolidating and might struggle to recover above the $83,850 zone.

  • Bitcoin started a fresh decline below the $83,200 support zone.
  • The price is trading below $83,000 and the 100 hourly Simple moving average.
  • There is a connecting bullish trend line forming with support at $82,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start another decline if it stays below the $83,850 resistance zone.

Bitcoin Price Faces Resistance

Bitcoin price failed to start a recovery wave and remained below the $85,500 level. BTC started another decline and traded below the support area at $83,500. The bears gained strength for a move below the $82,500 support zone.

The price even declined below the $82,000 level. A low was formed at $81,320 before there was a recovery wave. There was a move above the $82,500 level, but the bears were active near $83,850. The price is now consolidating and there was a drop below the 50% Fib retracement level of the upward move from the $81,320 swing low to the $83,870 high.

Bitcoin price is now trading below $83,250 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $82,550 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $83,250 level. The first key resistance is near the $83,850 level.

Bitcoin Price
Source: BTCUSD on TradingView.com

The next key resistance could be $84,200. A close above the $84,200 resistance might send the price further higher. In the stated case, the price could rise and test the $84,800 resistance level. Any more gains might send the price toward the $85,000 level or even $85,500.

Another Decline In BTC?

If Bitcoin fails to rise above the $83,850 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $82,550 level. The first major support is near the $82,250 level and the 61.8% Fib retracement level of the upward move from the $81,320 swing low to the $83,870 high.

The next support is now near the $81,250 zone. Any more losses might send the price toward the $80,000 support in the near term. The main support sits at $78,500.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $82,250, followed by $81,250.

Major Resistance Levels – $83,250 and $83,850.



Source link

Continue Reading

Market

Is CZ’s April Fool’s Joke a Crypto Reality or Just Fun?

Published

on



On April 1, Binance co-founder Changpeng Zhao (CZ) shared an amusing hypothetical on social media platform X (Twitter).

He posed the hypothetical scenario of a user generating a cryptocurrency wallet address commonly used for token burns, which permanently remove tokens from circulation.

Binance’s CZ Shares Cryptic Hypothetical on April Fools Day

Changpeng Zhao’s April Fools’ joke about generating a token burn address sparked discussions. However, the chances of it happening are astronomically low. CZ shared the post during the early hours of the Asian session, kickstarting an interesting discourse.

“Imagine downloading Trust Wallet and finding your newly generated address is: 0x000000000000000000000000000000000000dead. Theoretically speaking, it has the same chance as any other address. Alright, enough imagining. Not gonna happen. Get back to building. Happy Apr 1!” Changpeng Zhao wrote.

It comes in time for April Fools’ Day, celebrated annually on April 1, dedicated to practical jokes, hoaxes, and playful deception. Trust Wallet, integrated as Binance’s non-custodial wallet provider, played along with the joke.

“Happy April Fool’s Day,” wrote Trust Wallet.

While the idea seems far-fetched, CZ was not technically wrong. Theoretically, there is an infinitesimally small probability that someone could randomly generate a wallet address matching “0x000…dead” using software like Trust Wallet.

However, the chances are comparable to winning the lottery multiple times. To put things into perspective, one can generate blockchain addresses using cryptographic hashing functions that produce 160-bit outputs.

This means there are 2¹⁶⁰ possible Ethereum addresses—a number so vast that generating any specific address, such as “0x000…dead,” is practically impossible.

“Haha, imagine the odds! That is a 1 in 2^160 type of vibe. Good one, CZ—back to work now, no distractions from the code,” Synergy Media wrote, putting the rarity into context.

While CZ’s April Fool’s joke entertained the crypto community, the reality remains unchanged. The likelihood of generating a wallet address identical to “0x000…dead” is close to zero. This means the post was a fun thought experiment but nothing more.

“Imagine that you can randomly generate a Bitcoin private key every second, and suddenly one day the private key you generated happens to correspond to Satoshi Nakamoto’s wallet or Binance’s wallet. That’s terrifying,” another user quipped.

However, the joke does highlight the fascinating cryptographic underpinnings of blockchain technology. While every address is technically possible, some are rare and might as well be myths. Crypto users will have to keep burning their tokens the old-fashioned way.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io