Onyxcoin (XCN) is showing a weakening price momentum after a significant rise early in 2023. This article outlines the current market status and potential scenarios.
Sharp Rise and Subsequent Decline in Prices
In early January 2023, the price of Onyxcoin (XCN) surged dramatically, increasing over 1500% in two weeks. However, since then, interest in the coin has faded, and the price has steadily declined.
Current Price Pattern of XCN
The current price structure of XCN shows that the coin is in a falling wedge pattern since early April. The price is close to the lower part of this pattern, suggesting that it may decline another 10-15% before reaching support.
Relevance of Buying Onyxcoin
Based on current technical signals, the decision to purchase Onyxcoin is not advised. For a real trend change, the coin must break through the resistance level with strong trading volume or there must be a significant event that changes the overall picture.
Current conditions indicate that the price of Onyxcoin is facing weakening and risks further decline. Investors should exercise caution regarding false signals and market volatility.
