Onycoin captured the interest of many in January with more than a 1,700% spike in less than 2 weeks. However, the price has not continued to impress. Since the end of January, the XCN price has declined by more than 50%
XCN market analysis reveals troubling signs for Onyxcoin token, suggesting investors should exercise caution before committing capital to this cryptocurrency. The price action since late January has painted a concerning picture that deserves careful attention.
What you'll learn 👉
A Pattern of Persistent Decline in XCN Price
Since the end of January, Onyxcoin has been trapped in a clear downward trajectory on the 4-hour timeframe, forming a descending channel.
Each time the price has attempted to break higher, it’s been firmly rejected at the upper resistance level. While the lower boundary has provided some temporary support, the overall pattern suggests continued weakness rather than strength.
Just hours ago, XCN showed a glimmer of hope with an attempted breakout above the channel’s resistance. However, this move appears to be losing steam quickly. The price is struggling to maintain its position above this crucial level, suggesting that sellers remain firmly in control of the market.
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Onynxcoin Technical Indicator Paints a Grim Picture
The Moving Average Convergence Divergence (MACD) offers little comfort for potential buyers. The indicator shows an extremely weak setup, with the MACD line hovering close to its signal line without any convincing bullish crossover.
The declining momentum visible in the histogram further reinforces the likelihood that this latest recovery attempt will fail.
XCN Bullish Breakout Could Change the Outlook
If XCN follows through with its current pattern, investors could face substantial losses. Technical analysis suggests the price could fall to around $0.013, representing a dramatic 40% decline from current levels. While markets can always surprise us, the weight of evidence points to further weakness ahead.
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While a successful breakthrough above the current resistance level could change this bearish outlook, the technical setup strongly suggests staying away from Onyxcoin, especially for short-term buyers. Those who want to play the long-term game and hold for a very long period could still buy based on its fundamentals and utility.
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