Onyxcoin’s Downtrend
Onyxcoin has been on a persistent downtrend since reaching its all-time high of $0.049 on January 26. Now trading at $0.015, the coin has shed 57% of its value.
With mounting bearish pressure, the decline may not be over as market indicators signal further downside risks.
XCN Faces Heavy Sell Pressure
The steady outflows from XCN’s spot markets over the past month reflect increased selling activity among investors. According to Coinglass, in February, the altcoin recorded only four days of inflows, totaling just $3.5 million, while XCN spot outflows exceeded $15 million during the same period.
Outflows from the XCN spot markets have reached $6.45 million so far this month. This significant outflow indicates that investors are selling their holdings.
This trend shows that profit-taking is substantial among XCN traders, signaling a lack of new demand for the altcoin, likely leading to lower prices in the short term.
Moreover, the funding rate for XCN has been predominantly negative since the start of the year, indicating a bearish bias.
This periodic fee is exchanged between long and short traders in perpetual futures contracts, meant to align contract prices with the spot market. Persistently negative values imply that short positions dominate, as traders bet on further price declines.
XCN Stuck in Downtrend: Will It Break Free or Drop Further?
On the daily chart, XCN remains within a descending parallel channel, a bearish pattern formed by price movements between two downward-sloping trendlines since January 26, indicating a sustained downtrend.
The pattern suggests XCN sellers are in control. A drop below the lower trend line, which serves as support, could hint at further downside, potentially dropping XCN’s price to $0.0075.
However, if a bullish resurgence occurs, new demand could push the token’s value to $0.022.
Comments (0)