Despite the overall positive sentiment in the broader cryptocurrency market, Onyxcoin (XCN) only saw a 5% increase in the past week. Although its trading volume surged by 77.7% today, reaching $82.3 million, the altcoin is still encountering resistance.

There is a growing momentum evident by the rising RSI and the formation of a golden cross. However, not all indicators are bullish, as the BBTrend remains negative, urging caution. Traders are monitoring to observe whether XCN can maintain its breakout or if bears will dominate.

The Relative Strength Index (RSI) of XCN has escalated from 46.15 to 62.29 within two days, indicating a notable increase in buying pressure and strengthening of bullish sentiment. Despite nearing overbought territory with an RSI of 62.29, Onyxcoin has not surpassed the 70 threshold since April 23, suggesting that though momentum is increasing, it has not yet reached levels that often precede a pullback.

On the other hand, the BBTrend indicator for Onyxcoin currently stands at -2.69, showcasing a renewed decline in momentum after a brief improvement. The recent reversal indicates a return to bearish pressure in the short term unless the indicator shifts to positive territory soon, hinting towards limited upside potential and the likelihood of further price weakness.

A golden cross, a bullish pattern where the short-term moving average crosses above the long-term moving average, has been formed on Onyxcoin, potentially signaling the start of an uptrend. If the momentum sustains, XCN could challenge the resistance at $0.020, with opportunities for further gains towards $0.024 and potentially $0.0273. However, failure to maintain the uptrend might bring key support levels into play, particularly at $0.0175, $0.0164, and potentially $0.0156 if weakness persists.