The recent trading pattern of Onyxcoin (XCN) has sparked concern among potential investors as the altcoin struggles to break out of its tight range. Market uncertainty has prompted some traders to exit their positions, but a group of steadfast long-term holders remains, preventing a catastrophic crash.

There is a noticeable decline in XCN's network growth, reaching a monthly low. This decline signifies a decrease in new addresses engaging with the network, indicating waning investor interest. Diminished participation leads to reduced liquidity and weakened buying pressure, posing challenges for the cryptocurrency to regain momentum.

Despite these challenges, XCN's long-term holders are still in profit, as highlighted by the MVRV Long/Short Difference metric. Their determination to hold onto their investments is crucial in maintaining market stability and preventing excessive volatility.

Looking ahead, XCN is currently priced at $0.0303, with critical support at $0.0237 and resistance at $0.0358. A breakthrough beyond this range is essential for the altcoin to resume an uptrend, while failure to do so may lead to prolonged consolidation. The conflicting market signals could keep XCN within its current trading zone, with a potential sharp decline to $0.0100 if key support is breached, or a rally towards $0.0500 if resistance is overcome.

Overall, overcoming the resistance level could change the outlook for XCN, restoring investor confidence and attracting new participants to potentially reverse the current negative sentiment surrounding the altcoin.