The current analysis of the Onyxcoin (XCN) chart indicates clear signs of weakness, with technical indicators suggesting a continuation of bearish trends.
Break of Key Support
Onyxcoin has broken below the support level of $0.01591, which previously served as a strong base. The current price is around $0.01329, indicating that the former support has turned into resistance.
Weak Momentum Indicators
Momentum indicators, such as the Relative Strength Index (RSI), sit at around 36.91, well below the neutral 50 level. This suggests that buyers are not stepping in, maintaining the risk of further losses. The MACD also confirms a bearish pattern, remaining below the signal line and zero.
Bearish Patterns Persist
The Onyxcoin chart shows a clear downtrend with the formation of lower highs and lower lows. If this trend continues, the next support levels to watch are at $0.01118 and $0.00836.
The current situation with Onyxcoin indicates a persistent bearish trend. The breakdown of supports and weak indicators create risks for further price declines.
