Onyxcoin Rallies 15% on $500M Volume—Exits Overbought Territory as Traders Chase Momentum

Onyxcoin defies gravity with a double-digit surge, clocking $500M in volume as it shakes off overbought conditions. Retail FOMO meets institutional profit-taking—because nothing says ’healthy correction’ like a 15% green candle after a 30% drop last week.

Technical indicators finally reset, but let’s be real: in crypto-land, ’overbought’ just means ’time to reload leverage.’ The rally comes as Bitcoin flatlines—altcoin season isn’t dead, it’s just high on hopium.

Looking ahead, once the psychological $0.020 level is cleared—which also marks the upper boundary of the current consolidation range in terms of daily closes—the next upside target lies around $0.027, which was the local high reached during the April 9–11 rally.

A breakout above that level WOULD open the path toward $0.035, another key psychological level and the upper boundary of the distribution range after the late January peak. However, reaching that level would require sustained bullish momentum and strong volume. As of now, volume remains significantly below the spikes seen during the April breakout, although it has noticeably picked up on in the last couple of days.

A breakdown below $0.15 – $0.16 support zone would invalidate the bullish outlook.