Onyxcoin (XCN) Price Prediction: XCN Price Drops 15%

output:input: BTC has faced significant challenges recently, with the altcoin struggling to break out of a prolonged downtrend. Despite attempts to reverse its course, Onyxcoin's price continues to face strong bearish pressure.

Onyxcoin (XCN) has been facing significant challenges recently, as the altcoin struggles to break out of a prolonged downtrend.

While long-term holders (LTHs) are realizing profits, the overall market sentiment remains largely negative, which could delay any meaningful recovery for the coin.

Onyxcoin’s price movement is currently dictated by its correlation with Bitcoin (BTC), which has recently strengthened to a strong 0.84. This suggests that XCN could follow Bitcoin’s lead. However, this correlation also poses risks.

Bitcoin is currently struggling to break above the $85,000 mark, which could prevent Onyxcoin from rallying as the lack of buying pressure on Bitcoin could pull the altcoin down.

However, the MVRV Long/Short Difference for Onyxcoin currently stands at a positive 18%. This indicates that long-term holders are in profit, which usually suggests a more stable market for the altcoin. These holders’ reluctance to sell during market downturns helps maintain some support for the coin.

Ultimately, Onyxcoin’s price movements are still largely governed by larger macro trends. If the market environment deteriorates further or Bitcoin’s price continues to flounder, Onyxcoin may find itself spiraling downward. Conversely, if the broader market shows signs of recovery, we could see a shift in investor sentiment, which would be crucial for Onyxcoin’s price to stage a comeback.

Onyxcoin’s price has dropped by 15% in the last 24 hours, continuing its downtrend from the last four weeks. The altcoin failed to sustain upward momentum after notching a 27% rally over the weekend, and the previous breakout attempt was invalidated.

XCN is currently trading below the key resistance level of $0.0182, with its support sitting at $0.0150. If the price continues to consolidate around these levels, the outlook remains largely bearish.

Without significant market support or a shift in sentiment, Onyxcoin could continue to decline, breaking below $0.0150 and potentially retesting $0.0127. However, if the broader market trends improve, XCN could end up breaching and reclaiming $0.182 as support. This could propel the altcoin to reach $0.0237 and invalidate the bearish thesis.