Onyxcoin (XCN) saw a significant surge earlier in the month, but has since struggled to bounce back from subsequent declines, disappointing XCN holders who are growing increasingly frustrated.

Concerns are mounting among Onyxcoin enthusiasts regarding the potential for a price uptrend amid the current uncertain market sentiment.

Investors in Onyxcoin are feeling uncertain about their returns as the negative funding rate reflects a pessimistic outlook. The increasing prevalence of short positions in the futures market indicates a lack of confidence in the coin's upward movement, with traders more focused on profiting from a potential price decline.

The Chaikin Money Flow indicator for Onyxcoin is in negative territory, emphasizing the dominance of outflows in the market. Despite some minor increases, the CMF has not shown significant upward movement, signaling ongoing struggles for XCN to maintain a bullish momentum.

Without a sustained rise of CMF above the zero line, caution prevails among investors, hindering XCN's ability to break through key resistance levels and making the altcoin susceptible to further drops.

Currently priced at $0.0186, XCN has seen a modest 11% rise in the last 24 hours. However, the altcoin may find it challenging to stay above its support at $0.0182, risking a potential drop to $0.0150, which could erase recent gains and prompt further selling pressure to limit losses.

If XCN manages to establish $0.0182 as a support level, it could signal a possible recovery, potentially pushing the price up to $0.0237, overturning the bearish trend and creating opportunities for additional gains. Nonetheless, achieving this will require stronger confidence from investors and broader market support.