Onyxcoin (XCN) has faced a prolonged downtrend for the past four weeks, leading to significant losses for investors. Despite attempts at a breakout rally, the altcoin has struggled to maintain upward momentum.
The continued lack of support from investors further compounds concerns about XCN’s ability to recover in the short term.
Onyxcoin Continues Its Drawdown
XCN’s market sentiment is currently weak, as active addresses have dropped to a monthly low. This indicates that a large portion of XCN holders are hesitant to participate in the network, likely due to the ongoing losses. The absence of strong upward momentum is forcing many investors to adopt a wait-and-see approach.
The lack of transaction activity reflects skepticism in the market, with many choosing to refrain from engaging until there is clearer recovery potential. This bearish sentiment is contributing to the overall downward pressure on XCN’s price. Until investor confidence improves, the altcoin is likely to struggle with any significant price increase.
Onyxcoin’s broader macro momentum is also leaning toward bearish, as indicated by technical indicators like the Relative Strength Index (RSI). The RSI has remained stuck below the neutral 50.0 line for the past five days, signaling that bearish momentum is continuing to dominate. This lack of momentum above the neutral line suggests that the altcoin faces further downward pressure.
The RSI’s current position points to increasing bearishness, which could undermine any attempts at a recovery. As long as the RSI stays below the neutral line, it is unlikely that XCN will see the strong rally it needs to escape its downtrend. Traders and investors will need to see a shift in momentum before a recovery can take hold.
XCN Price Prediction: Reclaiming Key Support
XCN is continuing its decline, staying below the downtrend line that has persisted for nearly three weeks. At the time of writing, XCN is trading at $0.0218, still under the key resistance level of $0.0237. Until this resistance is breached, the altcoin is likely to remain in its current downtrend.
Having failed to breach the $0.0237 resistance twice, XCN is expected to continue its downward trajectory. A likely target is the support level at $0.0184, which could prolong investor losses. If the price fails to hold above this level, further declines may follow, making it difficult for investors to regain lost value.
However, should XCN breach the $0.0237 resistance and flip it into a support floor, a recovery could be on the horizon. This move would open the door to a rise toward $0.0358, bringing hope for investors and invalidating the bearish outlook. A successful breakout would potentially lead to profits for those holding XCN.
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