Onyxcoin (XCN) Price Rebound?
Onyxcoin (XCN) Price Rebound?
Onyxcoin (XCN) has experienced a significant downturn since its January 26th high of $0.04, losing over 70% of its value to trade at $0.011. However, recent market trends and on-chain data are fueling speculation of a potential recovery.
Increasing Long Positions Suggest Bullish Sentiment
On-chain data reveals a growing demand for long positions in XCN, indicating increased trader confidence. The long/short ratio currently stands at 1.35—its highest in over 30 days. A ratio above 1 signifies more traders are betting on price increases than decreases.
Source: Coinglass
This bullish sentiment is further supported by a positive weighted sentiment metric of 0.82. This indicates a growing positive social media sentiment surrounding XCN.
Source: Santiment
Technical Analysis: Breakout Potential
Daily charts show XCN approaching a potential breakout from a descending channel established since January 26th. A successful break above the upper trendline could propel the price towards $0.022, a level last seen on February 18th.
Source: TradingView
Conversely, a failure to break out could lead to a decline below the lower trendline, potentially reaching $0.0075.
Disclaimer: This analysis is for informational purposes only and not financial advice. Market conditions change rapidly. Conduct your own thorough research before making any investment decisions.
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