In January, Onyxcoin captured attention with a more than 1700% increase in less than two weeks. However, since the end of January, the XCN price has declined by more than 50%, causing concern among investors.
XCN Price Decline: A Persistent Downtrend
Since the end of January, Onyxcoin has been on a clear downward trajectory on the 4-hour chart, forming a descending channel. Attempts to break higher have been met with firm resistance at the upper level, indicating continued market weakness.
Onyxcoin Technical Indicators: Grim Data
The MACD indicator offers little assurance for potential buyers, showing a notably weak setup without any confident bullish crossover. The declining momentum visible in the histogram strengthens the likelihood of the latest recovery attempt failing.
Opportunities and Risks for XCN Investors
Current technical analysis suggests the price could drop to around $0.013, representing a 40% decline from current levels. While a successful breakthrough above the current resistance level could change this bearish outlook, until then, caution is advised for investors.
The current technical outlook for Onyxcoin suggests the possibility of further price weakening. Investors are recommended to carefully weigh the risks before committing to this asset.
