Onyxcoin (XCN) Price Has Taken a Significant Hit, Plunging 15%

Onyxcoin has taken a significant hit, plunging 15% over the past week amid broader market volatility. At press time, the altcoin exchanges hands at $0.0132

Onyxcoin (XCN) price dropped 15% in the past week as broader market volatility took a toll on smaller cryptocurrencies. At press time, the altcoin is changing hands at $0.0132, noting a 1% price dip amid the general market rally.

As other assets attempt to recover, XCN remains trapped in a strong bearish cycle, and technical indicators suggest the possibility of more losses.

XCN Bears Dominate As Price Trades Below Major Resistance Zones

The XCN/USD one-day chart shows the altcoin is trading below its 20-day exponential moving average (EMA). This is providing resistance from above at $0.0137.

The 20-day EMA measures an asset’s average trading price over the past 20 days, giving more weight to recent prices for a smoother trend analysis.

When the price falls below this key moving average, it signals weakness in momentum and a downtrend as sellers are in control. This could indicate that XCN may see more losses unless strong buying pressure manages to push the coin back up.

Moreover, the altcoin is trading largely below the Leading Spans A and B of its Ichimoku Cloud, which is supporting this bearish outlook.

This indicator measures the momentum of an asset’s market trends and identifies potential support/resistance levels. When the price is below this cloud, the asset in question is usually experiencing a downtrend. In this case, the cloud is also acting as a dynamic resistance zone, which is acting to strengthen the downtrend.

For XCN, its Ichimoku Cloud is forming dynamic resistance at around $0.0154 and $0.0300.

XCN Bears Could Be in Control - Breakout or Breakdown Next?

XCN’s price has remained inside a descending parallel channel that has been keeping its price lower since January 25. With more selling activity, the altcoin could remain in this bearish pattern and extend its decline.

If this happens, XCN’s price could see another leg down to $0.0117.

But if buying pressure manages to recover, then XCN’s price could break above the $0.0137 resistance of its 20-day EMA and attempt to reach $0.0154.