Onyxcoin (XCN) Experiences Significant Decline
Onyxcoin (XCN) has faced substantial selling pressure, with a decline of 9.4% over the past week and a plunge of 43% in the last 30 days.
The ongoing downtrend has hindered XCN’s ability to recover, as technical indicators suggest a bearish market structure. Despite brief recovery attempts, the asset remains burdened by persistent bearish momentum.
Onyxcoin RSI Declines Below 50
Currently, Onyxcoin’s RSI stands at 41.09, a drop from yesterday’s 47.95, indicating increasing bearish momentum over the past 24 hours. Since March 15, XCN’s RSI has consistently been below 50, showcasing ongoing selling pressure.
This persistent weakness suggests that bulls are struggling to regain control, leaving the price in a bearish or consolidating phase.
Understanding the RSI
The RSI (Relative Strength Index) is a momentum oscillator that gauges the speed and magnitude of recent price changes to assess whether an asset is overbought or oversold. Typically, an RSI above 70 indicates overbought conditions, while below 30 suggests oversold levels. With XCN’s RSI at 41.09 and below 50 for several days, the market sentiment remains bearish. Although not yet in oversold territory, continued sub-50 readings imply possible sideways or downward movement unless buyer intervention occurs.
XCN BBTrend Indicates Continuing Selling Pressure
Onyxcoin’s BBTrend is currently at -9.5, remaining negative for the past two days, signaling a bearish environment. Earlier, on March 17, the BBTrend briefly turned positive at 0.83 but quickly fell back below zero, failing to sustain upward momentum. This weakness indicates that bullish attempts have been short-lived, allowing sellers to continue dominating the market.
The negative BBTrend reflects ongoing pressure on XCN’s price.
About the BBTrend
The BBTrend, or Bollinger Band Trend indicator, tracks price trends based on price action’s position relative to the Bollinger Bands. Positive BBTrend values suggest prices are above the midline (usually the 20-period moving average), indicating bullish momentum; negative values indicate bearish conditions, as seen with XCN’s -9.5 reading, highlighting the absence of strong bullish pressure and the risk of further declines or prolonged consolidation.
Could Onyxcoin Drop Below $0.010 in March?
Onyxcoin’s EMA lines reveal a bearish configuration, with short-term averages below long-term ones, suggesting prevailing downward momentum, which raises the risk of prices dropping below the crucial support level of $0.010, a level not seen since January 17.
However, if Onyxcoin can regain the strong bullish momentum exhibited at the end of January – when it was one of the best-performing altcoins – it could change this trend. In such a case, XCN might challenge resistance levels at $0.014 and $0.020, potentially rising as high as $0.026 if buyers engage vigorously.
Comments (0)