Onyxcoin (XCN) has experienced a significant downturn recently, with a 19% drop in the last seven days and a more substantial decrease of over 35% in the past 30 days, indicating a strong bearish trend. The cryptocurrency's market cap, which peaked at $1.4 billion on January 26, has now declined to $572 million.

Despite a brief recovery attempt, the Relative Strength Index (RSI) for XCN has fallen to 41.8, reflecting diminishing buying interest. The Average Directional Index (ADX) stands at 25.2, confirming a robust downtrend. XCN is currently facing a critical support level at $0.014, while a potential reversal could see it target resistance levels at $0.0229 and beyond if bullish momentum returns.

The recent fluctuations in XCN's RSI highlight increased volatility in market momentum, with the indicator dropping from 55.4 to 41.8 after a brief upswing. This shift suggests a transition from bullish to bearish sentiment, potentially leading to further downward movement if the RSI continues to decline towards 30.

With the ADX for XCN on the rise, currently at 25.2, the selling pressure remains strong, indicating a likelihood of further price declines. However, if the ADX starts to decrease, it could signal weakening bearish pressure and a possible period of consolidation.

As XCN navigates its current downtrend, the cryptocurrency faces the possibility of testing key support at $0.014. On the flip side, a reversal in the trend could see XCN aiming for resistance levels at $0.0229 and beyond, potentially reigniting buying interest and propelling the price upwards.

Given its past performance, if XCN manages to recapture the positive momentum it had at the end of January, there is a chance for it to surge towards higher price targets, possibly reaching levels around $0.049.