Onyxcoin (XCN) Price Slides Deeper into Bearish Territory as Indicators Flash Warnings

After pumping 18x in January, XCN formed one of the strongest communities in crypto. However, February was bad for crypto and therefore for XCN as well

Onyxcoin (XCN) price has slid deeper into bearish territory as technical indicators flash warnings. After noting an 18x pump in January, the coin formed one of the strongest communities in crypto.

However, February was bad for crypto and therefore for XCN, while March now paints an even worse picture for XCN holders.

In fact, the Onyxcoin price is now down 40% on a monthly chart as the price is ‘fighting’ to protect $0.01 as support at press time. Today’s market downturn is not helping either, as the XCN price is down 8% on a daily chart. Onyxcoin had a local peak at $0.036 in January.

Let’s examine some technical indicators on a monthly timeframe to understand what’s happening with XCN.

Relative Strength Index (RSI) at 48.875 suggests the market is currently neutral. At just below 50, the indicator implies neither strong buying nor selling pressure, indicating a balanced market sentiment for XCN.

Average Directional Index (ADX) at 50.039 signals moderate trend strength. A value around 50 suggests the current price movement has some consistent direction, but it’s not an extremely strong trend in either bullish or bearish territory.

Commodity Channel Index (CCI) at -36.6213 shows slight bearish momentum. A negative value indicates the coin is trading below its recent average, suggesting mild selling pressure and potential short-term weakness.

Highs/Lows at -0.0009 suggests minimal volatility in recent price movements. The near-zero value implies the coin is being traded very close to its recent range without significant breakouts.

Ultimate Oscillator at 38.43 suggests underlying weakness. A value below 50 typically indicates bearish sentiment and potential continued downward pressure.

Rate of Change (ROC) at 375.946 shows historical price movement. While this high number reflects XCN’s massive January surge, it also suggests high volatility and potential market uncertainty.

Bull/Bear Power at -0.0064 indicates bearish sentiment, suggesting that sellers currently have a slight edge over buyers in the market.

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April looks tough for Onyxcoin. In a pessimistic scenario, the XCN price could drop below its current support level of $0.01 and potentially hit around $0.007 – $0.008. Market conditions and ongoing selling pressure might push XCN to its lowest point in recent months.

On the optimistic side, if the crypto market shows unexpected recovery, the XCN price might stabilize around $0.012 to $0.015. Strong community support and potential project developments could help the coin maintain its current support level and prevent further big drops.

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