Onyxcoin (XCN) has been facing a tough period recently, with its price falling nearly 20% over the past few days. This downtrend has pulled the altcoin to a two-month low, and there’s no immediate indication that the market conditions will improve anytime soon.
The bearish momentum seems set to continue, with technical indicators showing a continued decline.
Onyxcoin Faces The Bears
The Ichimoku Cloud indicator paints a grim picture for Onyxcoin, as the clouds are positioned above the candlesticks. This suggests that the altcoin is in a bearish phase, and the outlook does not look promising in the short term. The presence of these clouds above indicates that XCN is likely to face further price drops, signaling more challenges ahead.
Furthermore, the overall market sentiment is adding to the pressure on Onyxcoin. The persistent downtrend and the bearish cloud formation imply that the token is unlikely to break out of this downward movement.
Onyxcoin’s macro momentum is further weakened by technical indicators like the RSI (Relative Strength Index), which is inching closer to the oversold zone below 30.0. As the bearishness intensifies, the RSI is moving into territory that could signal a reversal. However, entering the oversold zone does not necessarily mean a quick recovery; it often marks a potential shift but also highlights how deeply the market is in a downtrend.
The RSI’s approach to the oversold level suggests that, while a reversal could happen soon, the immediate future remains bearish. If XCN does enter the oversold zone, it may trigger some buying interest, but at this point, any upward movement seems unlikely unless significant positive market changes occur.
XCN Price Needs To Breakout
Currently, XCN is trading at $0.0088, which represents a nearly 20% decline over the past three days. Despite the drop, the altcoin is still holding above the support of $0.0083.
However, with the continued bearish pressure, it’s likely that Onyxcoin will break below this support, potentially sending the crypto asset’s price to $0.0070. This would mark a near three-month low. If the negative market sentiment continues, XCN may struggle to recover in the short term, with a prolonged decline potentially taking it even lower.
However, the bearish thesis could be invalidated if Onyxcoin manages to flip the $0.0100 level into support. Thus, it may break out of the ongoing downtrend. A rise toward $0.0120 could signal a change in momentum and recover some of the recent losses.
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Disclaimer
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