Onyxcoin (XCN) is uneasy with its investors with a downward trend of the last four weeks. The decrease in investor activities and the negative signals of technical indicators create question marks on the future of XCN.
Decrease in Onyxcoin Investor Activities
The number of active addresses in the Onyxcoin network has recently fell to the lowest level. This shows that many XCN owners are afraid of operations on the network. The ongoing losses have shaken the confidence of investors on the market.
This decrease in transaction activities is an atmosphere of skepticism throughout the market, and many investors avoid trading until they get a clearer recovery signal. This decline tendency creates a downward pressure on the price of XCN. Unless the investor’s trust increases, Altcoin seems to be difficult to experience a significant price increase.
What do the technical indicators say?
Onyxcoin’s general market momentum also shows signs of weakness. The relative power index (RSI) has been below the neutral 50.0 level for the last five days. This shows that the decline tendency continues and the sales pressure increases. RSI’s current position indicates that the recovery efforts may remain weak.
If the RSI does not exceed the neutral line, it may not be possible for XCN to get rid of the current drop trend. Investors and traders will continue to be cautious unless they see a change in market momentum.
Price Estimation: What’s next for XCN?
The current price of XCN is below critical resistance of $ 0,0237. The lack of this level means that the price may decrease to $ 0.0184. On the other hand, if the XCN can exceed $ 0.0237 resistance, it has a rise potential towards $ 0.0358. However, for this scenario, investor confidence needs to be restored and market conditions should improve.
Considering the existing technical indicators and investor behaviors, there are important obstacles for the short -term recovery of XCN. It is important that investors closely follow the developments in the market and pay attention to risk management. As a result, Onyxcoin’s current situation requires investors to be cautious. Technical indicators and decreasing investor activity indicate that the price may fall further in the short term. It is important that investors closely monitor the developments in the market and make conscious decisions.
