Onyxcoin (XCN) has faced significant challenges recently, with the altcoin struggling to break out of a prolonged downtrend. Despite attempts to reverse its course, Onyxcoin’s price continues to face strong bearish pressure.
While long-term holders (LTHs) are realizing profits, the overall market sentiment remains uncertain, which could delay any meaningful recovery for the coin.
Onyxcoin Investors Are Bullish
Onyxcoin’s price movement is currently influenced by its correlation with Bitcoin (BTC), which has recently risen to a strong 0.84. This suggests that XCN could follow Bitcoin’s lead.
However, this correlation also poses risks, as Bitcoin is experiencing difficulties, trading below the $85,000 mark. If Bitcoin continues to struggle, it could pull Onyxcoin down, preventing any potential rally for the altcoin.
However, the MVRV Long/Short Difference for Onyxcoin currently stands at a positive 18%. This indicates that long-term holders are in profit, which usually suggests a more stable market for the altcoin. These holders’ reluctance to sell during market downturns helps maintain some support for the coin.
Onyxcoin’s price movements are currently constrained by larger macro trends. If the market environment worsens or Bitcoin’s price continues to stagnate, Onyxcoin may find itself caught in a downward spiral. Conversely, should the broader market recover, Onyxcoin could see a shift in investor sentiment, which would be vital for its price recovery.
XCN Price Decline Likely
Onyxcoin’s price has dropped 15% in the last 24 hours, continuing its 4-week-long downtrend. After a brief 27% rally over the weekend, the altcoin failed to maintain upward momentum, and the previous breakout attempt was invalidated. XCN is currently stuck below the key resistance level of $0.0182, with its support sitting at $0.0150.
If the price continues to consolidate around these levels, the outlook remains uncertain. Without substantial market support or a clear reversal in sentiment, XCN could continue to struggle, falling below $0.0150 and potentially testing $0.0127.
Despite the challenges, if the broader market conditions improve, XCN could end up breaching and reclaiming $0.0182 as support. This could push the altcoin to $0.0237 and invalidate the bearish thesis.
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Disclaimer
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