Onyxcoin (XCN) Takes a Hit, Is This the Bottom or Just the Beginning?

• Onyxcoin is down over 6%, hovering around $0.017. 
• Further downside pressure on XCN makes a bullish reversal more challenging.

The global crypto market opened the trading day on a recovery note, rising by over 2.96%, reaching a $2.75 trillion market cap. Kaspa and Fartcoin took the spotlight among top gainers with two-digit gains. 

Onyxcoin (XCN) is one of the trending coins that lost over 6.24%. The asset traded at a high of $0.01833 in the early hours, and it plunged to a low of $0.01655. 

The recovery of XCN looms after testing the resistance above $0.018. At press time, Onyxcoin trades at around $0.01707 with a market cap of $566 million. The asset’s daily trading volume also spiked by over 6.75%, touching $43.21 billion.

XCN has posted a solid loss of over 15.70% in the last seven days. The asset began the week trading at around $0.02066 and slid to its weekly low at around $0.01659. 

What’s Brewing for Onxycoin, Another Rally or a Pause?

The four-hour technical chart of Onyxcoin shows a negative pattern. After multiple red and green candle formations, the asset has entered a sturdy bearish zone. Unless the asset breaks above the $0.01773 and $0.01843 levels, the downtrend could continue.

On the downside, a rejection at the crucial $0.01691 level might invite the bears. A breakdown below this mark could likely push down Onyxcoin to the $0.016 range, making the bullish shift more challenging.

Notably, the Moving Average Convergence Divergence (MACD) line and the signal line are settled below the zero line, indicating broader bearish momentum. XCN’s Chaikin Money Flow (CMF) indicator remains negative at -0.26 with strong selling pressure within the market. 

The Bull-Bear Power (BBP) value of -0.00081 suggests that bears are modestly dominant. In addition, Onyxcoin’s daily relative strength index (RSI) is found at 40, implying the asset’s neutral to mildly bearish condition.

Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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