Amidst crypto market volatility, Onyxcoin (XCN) has become an asset to watch. The question remains if XCN can recover its positions after recent losses.
Current Market Situation
At the time of writing, XCN traded at $0.02809, with a market cap of $861 million. Its daily trading volume reached $137 million. Despite this, XCN has lost over 13.41%, indicating a prolonged bearish momentum.
Technical Analysis of XCN
The four-hour technical analysis indicates a negative outlook, with the MACD line and the signal line below the zero line, confirming a bearish crossover and sellers' control. The Chaikin Money Flow (CMF) indicator at -0.15 suggests negative money flow and solid selling pressure.
Possible Development Scenarios
If the support at $0.02474 fails, Onyxcoin could face intense selling pressure and retract to $0.01981. Conversely, if an upside correction unfolds, Onyxcoin's price might break through the critical $0.034 resistance barrier, leading to a rally toward $0.042 or above.
In conclusion, despite current losses, Onyxcoin holds the potential for recovery if technical indicators begin to show signs of a trend reversal.
