Onyxcoin Price Soars 36%, Will This Crypto Explode Next?

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The Onyxcoin price pumped 36% in the last 24 hours to trade at $0.03842 as of 4:00 a.m. EST on trading volume that skyrocketed 74% to $794.61 million.

The XCN price has seen a sharp surge last week, with its price going from $0.01188 on Jan. 23 to $0.04796 on Jan. 26. After that, the project saw a correction which left it just under $30. After spending the first half of this week trying to breach this resistance, it finally succeeded in doing so yesterday, skyrocketing to $38.

At its current price, XCN is up 223% compared to where it was a week ago, emerging as one of the strongest performers this week, and the top gainer on CoinMarketCap.

Onyxcoin Price Prediction

Onyxcoin’s price surge in the last 24 hours has been strong, particularly during the surge that took the crypto from $0.02853 to $0.037. This took place about 19 hours prior to the time of writing, and at the time, the project’s Bollinger Bands saw a major widening.

After the XCN price encountered a resistance, the bands narrowed, and have remained narrow for over six hours. Now, however, they are widening again, signaling that the current surge could continue for a while longer, and either stay close to the resistance at $0.040, or possibly breach it.

Onyxcoin Price Prediction

The project’s Relative Strength Index (RSI), on the other hand, shows that traders have been quite bullish on the project. After initially fluctuating between the values of 40 and 60 early yesterday, the RSI value moved up. For over 24 hours now, it has been going from the neutral value of 50 to the overbought zone, even venturing beyond the value of 70 twice.

The first time it broke above 70 it reached the value of 80, and the second time it stopped at 77.77. In both cases, however, it reflected a strong bullish sentiment. Right now, the RSI is once again starting to go up after dropping to the neutral zone at 54. While the price was rejected by the resistance at $0.040, traders are starting to pump it again. The possibility of breaching the resistance and rising even more therefore remains a possibility.

Promising Alternative To Onyxcoin

Even though the XCN price is rising, many believe that it is too late to buy into the crypto now, and are looking for more promising alternatives, like Meme Index (MEMEX).

Meme Index is a new meme coin project that has been in presale over the past few weeks, during which it raised over $3.14 million. The project calls itself the world’s first decentralized meme index, and its goal is to offer several meme coin baskets for users to invest in to easily diversify their meme coin investments.

There are four baskets on offer, known as Titan, Moonshot, MidCap, and Frenzy. They all differ in terms of risk and potential reward, with Titan being the least risky thanks to the fact that it focuses the largest, well-established, top-ranking meme coins. Meanwhile, Moonshot focuses on projects that are just below the top 10 largest meme coins by market cap.

The MidCap index holds meme coins whose market cap is between $50m and $250m. As such, it is the first basket offered by the project where you starting taking on some more risk, as these projects could either blow up or crash, often with little to no warning.

However, the Frenzy index is by far the riskiest. It focuses on new and experimental projects, and is only recommended for investors who are up to engage in an all-or-nothing scenario.

MEMEX Tweet

However, to invest in any of these baskets, you must first buy MEMEX. It’s selling for only $0.0157183 right now. Buying it while it is still in ICO is likely the best move since experts believe its price will go up after launch. ClayBro, a crypto YouTuber with over 135k subscribers, speculated that MEMEX could be the next 10x coin, assigning massive potential to the project.