Onyxcoin Suffers 15% Loss Amid Market Volatility

In a turbulent week for the market, Onyxcoin (XCN) has seen a significant 15% drop in its value. Currently trading at $0.0132, the altcoin has experienced a 1% dip amidst a broader market rally.

While many assets are striving to bounce back, XCN remains locked in a bearish cycle, facing the threat of further losses according to technical indicators.

XCN Price Trends Under Bearish Pressure

On the XCN/USD daily chart, the altcoin is trading below its 20-day exponential moving average (EMA) at $0.0137, indicating strong resistance levels.

The 20-day EMA calculates the average trading price over the past 20 days, focusing on recent prices for a more refined trend analysis.

When an asset's price falls below this crucial moving average, it suggests a loss in momentum and a downturn trend controlled by sellers. This situation points towards potential additional losses for XCN unless there is a significant surge in buying pressure.

Additionally, XCN is notably below the Leading Spans A and B on its Ichimoku Cloud, further supporting the bearish trend.

The Ichimoku Cloud serves as a tool to measure an asset's market trend momentum and identify support/resistance levels. With XCN positioned beneath this cloud, it confirms a prevailing downtrend, with the cloud acting as a dynamic resistance barrier, reinforcing the downward movement.

The cloud establishes dynamic resistance levels for XCN at $0.0154 and $0.0300, showcasing the intense downward pressure on the altcoin's value.

XCN Navigates Bearish Territory – What's Next: Breakout or Breakdown?

XCN has remained within a descending parallel channel since January 25, keeping its price on a downward trajectory due to increased selling activity. If this trend persists, XCN's price could drop to $0.0117.

However, with a potential surge in buying pressure, XCN could surpass the $0.0137 resistance of the 20-day EMA and aim for the $0.0154 mark for a potential rally.