Onyxcoin (XCN) Price Plunges: Death Cross Looms

Onyxcoin (XCN) Price Plunges: Death Cross Looms

Onyxcoin (XCN) has experienced a sharp downturn, with its price falling by approximately 50% in the last month. Currently trading at $0.0090, the altcoin is facing growing bearish pressure and the potential for a significant price correction.

Investor Sentiment Turns Bearish

The MVRV Long/Short Difference, a key indicator of investor sentiment, has dropped to a four-month low. This suggests that long-term holders (LTHs) are losing profitability, with the metric barely above zero. A further decline into negative territory would signal short-term holders (STHs) are profiting, exacerbating the bearish outlook.

This weakening in LTH profitability indicates a lack of confidence and increases the likelihood of increased selling pressure, potentially worsening the downtrend.

Technical Indicators Signal Further Decline

Technical analysis further supports the bearish sentiment. The Exponential Moving Averages (EMAs) are approaching a Death Cross, a bearish signal where the 50-day EMA crosses below the 200-day EMA. A confirmed Death Cross would typically indicate sustained selling pressure and further price declines.

XCN Price Analysis and Potential Support Levels

With XCN currently at $0.0090, a continued downtrend could see the price test the $0.0083 support level. If this level breaks, further losses toward $0.0070 are possible. However, a breach of the $0.0100 resistance could signal a potential recovery towards $0.0120, invalidating the current bearish outlook. This would require substantial buying pressure and a positive shift in market sentiment.

Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Conduct thorough research and consult a professional before making any investment decisions. Market conditions are subject to change.