Onyxcoin (XCN) has taken a recent hit, seeing a sharp 34% drop in price within just one week.
This downturn has put XCN holders in a tough spot, especially as big-time investors, known as whales, are backing out of the market. Their selling spree has only fueled the negativity swirling around this particular coin.
Big Whales Moving Away from Onyxcoin
Whale wallets holding between 10 million and 100 million XCN have offloaded more than 50% of their shares, significantly trimming down their stakes. This sell-off has caused the Onyxcoin holdings of these whales to plummet from 1.24 billion XCN to 603 million XCN, meaning approximately 637 million XCN have been shed, valued at $76 million. These hefty sales by influential market players are signaling a bearish trend, spurring smaller investors to follow suit and brace for further drops.
As these whales lose faith in Onyxcoin’s recovery potential, their considerable sell-off has sent shockwaves through the market. The prevailing sentiment around XCN looks to stay negative, possibly delaying any chance of a price turnaround.
XCN Whale Situation. Source: Santiment
The broader market momentum for Onyxcoin is grappling with stress, largely due to the whales’ selling activity and general market circumstances. The Relative Strength Index (RSI) has hit a low not seen in seven months, suggesting a peak in bearish force. This decline implies that the cryptocurrency is in a vulnerable state, with more pullbacks likely if the current trend persists.
The RSI’s standing indicates that Onyxcoin hasn’t been this fragile since August 2024. Overcoming this downward spiral appears challenging for XCN, given the sluggish investor sentiment.
XCN RSI. Source: TradingView
Downward Trend Continues for XCN Price
Onyxcoin has dipped by 34% in the past week, now priced at $0.0119. Trapped below the downtrend line for the last six weeks, it has struggled to breach the $0.0127 resistance level. With consistent downward pressure, an immediate rally seems unlikely, and XCN might hold below this ceiling for some time.
If the bearish sentiment lingers and whale sell-offs intensify, XCN could drop to $0.0100 or even lower, with a potential target of $0.0080. Such a descent would deepen investor losses and further sour the market mood surrounding Onyxcoin.
XCN Price Evaluation. Source: TradingView
Nevertheless, recapturing the $0.0127 level as a support could chart a possible reversal for Onyxcoin. This breakthrough might propel XCN towards $0.0150 or above, dismantling the existing bearish expectation. A surge beyond $0.0150 could steer XCN to $0.0182, reigniting investor optimism.