Onyxcoin Hits Downtrend After All-Time High, Faces Further Decline

Onyxcoin has been struggling since hitting its peak of $0.049 on January 26, now trading at $0.015, marking a 57% decline in value.

With ongoing bearish pressure, indicators suggest that the downward trend for XCN may continue.

Heavy Sell Pressure on XCN

Investors of XCN have been selling off their holdings, with consistent outflows from the spot markets in recent months. Data from Coinglass shows that in February, the altcoin saw minimal inflows amounting to $3.5 million over just four days, while outflows exceeded $15 million during the same period.

So far this month, spot outflows from XCN have reached $6.45 million, indicating a significant trend of profit-taking among traders. This lack of new demand for XCN may lead to further price drops in the short term.

Additionally, the funding rate for XCN has been consistently negative since the year began, suggesting a prevailing bearish sentiment among traders.

XCN Stuck in Downtrend: What's Next?

The daily chart reveals that XCN has been trapped within a descending parallel channel since January 26, indicating a sustained bearish trend. If the price breaks below the lower trendline, currently acting as support, XCN could potentially drop to $0.0075.

However, a bullish turnaround in the XCN market could shift the scenario, pushing the token's value up to $0.022 if new demand surges.