币界网报道：Onyxcoin (ONYX) is displaying early indications of a potential bullish reversal amid ongoing market volatility, according to recent technical analysis. The cryptocurrency, which had been trading in a downtrend since late 2023, has formed a double-bottom pattern on its daily chart—a classic reversal signal often interpreted by traders as a precursor to upward momentum. Over the past week, ONYX has rebounded 18% from its local low of $0.023 to trade at $0.027, with trading volume increasing by 42% during this period. Market analysts note that the Relative Strength Index (RSI) has crossed above 50 for the first time in three months, while the Moving Average Convergence Divergence (MACD) histogram shows strengthening bullish momentum. Key resistance levels to watch include $0.029 (the 50-day moving average) and $0.032 (the November 2023 support-turned-resistance zone). The project's development team recently announced progress on their Layer-2 scaling solution, with testnet deployment expected in Q2 2024. However, some traders remain cautious, pointing to broader market uncertainties and the token's 76% decline from its all-time high of $0.114 in April 2022. The next critical test for ONYX will be whether it can sustain above its 200-day moving average at $0.025, which has acted as dynamic support during the recent recovery.