Onyxcoin (XCN) has been on a downward trend for the past four weeks, resulting in substantial losses for investors. Despite efforts to spark a rally, the altcoin has struggled to sustain upward momentum.
The lack of investor support raises concerns about XCN’s prospects for recovery in the near future.
Onyxcoin's Decline Persists
XCN's market sentiment is weak, with a drop in active addresses to a monthly low. This suggests that many XCN holders are reluctant to engage with the network, likely due to ongoing losses. The absence of strong upward movement is leading investors to take a cautious approach.
Low transaction activity reflects market skepticism, with many opting to wait for clearer signs of recovery potential. This pessimistic sentiment is adding to the downward pressure on XCN's price. Without an improvement in investor confidence, the altcoin may struggle to make significant price gains.
Onyxcoin's broader macro momentum also leans toward the bearish side, as shown by technical indicators like the Relative Strength Index (RSI). The RSI has remained below the neutral 50.0 line for five days, indicating a prevailing bearish trend. This lack of momentum above the neutral line suggests continued downward pressure on XCN.
The RSI's current position suggests growing bearishness, potentially hindering recovery efforts. As long as the RSI remains below the neutral line, a strong rally to break free from the downtrend is unlikely. Investors and traders await a shift in momentum for a potential recovery.
XCN Price Prediction: Key Support Levels
XCN continues its descent, staying below a downtrend line persisting for almost three weeks. Currently trading at $0.0218, XCN remains under the critical resistance level of $0.0237. Without surpassing this barrier, the altcoin is expected to remain in its current downward trajectory.
Failure to overcome the $0.0237 resistance may lead XCN to further decline, possibly targeting a support level at $0.0184. Falling below this mark could extend losses for investors, making it challenging to recover lost value.
However, breaching the $0.0237 resistance and establishing it as a support level could signal a potential recovery for XCN. This development might pave the way for a climb towards $0.0358, offering hope to investors and dispelling the bearish outlook. A successful breakout could lead to profits for XCN holders.