Onyxcoin (XCN) is experiencing an uninterrupted decline after the summit in January. The crypto currency, which reached $ 0.049 on January 26, has lost 57 %of its value since then to $ 0.015. Increased sales pressure shows that the decline may be not yet over.
XCN investors continue to sell
In the last month, there have been continuous exit from the XCN spot markets. In February, only four days of positive entry was seen, a total of $ 3.5 million entry. However, in the same period, the spot market outlets exceeded $ 15 million.
This trend continues in March. So far, $ 6.45 million output was recorded. While investors sell intensively, the low demand shows that the price may fall further in the short term.
Does the danger continue for Onyxcoin?
XCN’s funding rate has been negative since the beginning of the year. This shows that it takes control of bears in the market and that investors believe that the price will fall further.
Technical indicators also confirm this decline. XCN is traded in a parallel channel that has fallen since January 26th. If the price breaks the lower limit of this channel, it may decrease to $ 0.0075. However, if a new purchase wave arrives, the price is likely to rise up to $ 0.022. A critical period has started for XCN investors. So, can the price recover from here?
Is salvation possible?
For Onyxcoin investors, the coming days are quite critical. Currently, a strong wave of sales in the market dominates and XCN’nin to break this pressure new buyers must come into play. However, there is a major deficiency on the demand side, and price movements show that investors are still cautious. The fact that large investors continue to sell their assets suggests that the price can move even downwards. If XCN does not find buyers in the short term, psychological support levels may be rapidly exceeded and the price may decrease to $ 0.0075.
On the other hand, if the market conditions improve and the investor interest revives, a recovery may be seen in the price of XCN. In this scenario, the first target will have a $ 0.022 level and exceeding this barrier can open a new gateway to XCN. However, when the existing data is examined, it is still a major uncertainty in the market. Investors should be careful and closely monitor movements in the market.
