In the past week, two cryptocurrencies have caught the attention of market participants with different and exciting movements. Although the recent growth of these digital currencies has been significant, the shadow of a price correction still looms over them. This news is purely informative and does not imply a recommendation to buy or sell any specific currency! On one hand, the 141% surge of Onyx Coin (XCN) in a few days pushed its price to around $0.02. On the other hand, the popular meme coin and hilarious Fart Coin (FARTCOIN) claimed the title of the most profitable cryptocurrency in the market with a 9% growth in a day. Onyx Coin; Market Headliner The astonishing upward trend of XCN in recent days has surprised many. However, a notable point in its data is the network growth decline at the end of the week, which may indicate a decrease in demand intensity from the initial fervor. The Relative Strength Index (RSI) is now above the 70 level, indicating an entry into the overbought zone and increasing the likelihood of a price correction. In such conditions, many investors who bought at lower prices may take profit and increase selling pressure on XCN. If XCN can break the $0.0237 resistance level with strength, there is a possibility to continue the path to $0.025. However, in case of failure to surpass this level, a correction to $0.0182 and even $0.015 is not far-fetched. If these price levels are breached, the entire recent upward trend of Onyx may be questioned. Fart Coin; Leading the Memes On the opposite side, FARTCOIN with a more stable and still remarkable growth has taken an upward trend and is currently trading at $0.91. The daily chart of FARTCOIN shows that this meme coin is still above the Ichimoku cloud, a strong indication of the continuation of the upward trend. Important support levels are placed in the range of $0.68 to $0.59 and currently have a significant distance from the price. The RSI is currently showing a value of 68.38, meaning FARTCOIN has not yet entered the overbought zone and there is still potential for further growth. However, the possibility of profit-taking by traders and selling pressure still exists. If selling pressure intensifies, the price of FARTCOIN may correct to $0.74. If the support level is broken, Fart Coin may even reach below the Ichimoku cloud and around $0.19. Conclusion Both XCN and FARTCOIN are at critical technical points. The continuation of their upward trends heavily depends on the market’s reaction to upcoming resistances and maintaining key supports. It is important to know that after such growth, investor caution is warranted; as a market that grows by 140% in a week can correct at the same speed. In such conditions, risk management and continuous analysis of technical data and market sentiments become more important than ever. On the momentary price page of digital currencies, you can monitor the prices of all tokens and cryptocurrencies live and in real-time.
