Onyxcoin, which has been a significant decrease in the last few days, has lost its value by 20 %and fell to the lowest level of the last two months. Technical indicators indicate that the current negative trend in the price of Altcoin may continue.
The decline tendency continues in Onyxcoin: Stagnant Altcoin Market supports
The Ichimoku cloud indicator (provides information about momentum) draws a pessimistic picture for Onyxcoin. The fact that the clouds are located on the candle rods shows that altcoin tends to decline. This reveals that the price may fall further and it is difficult to experience a positive return in the near future.
The general adverse atmosphere in the market also increases the pressure on Onyxcoin. The ongoing decline trend and the negative position of the Ichimoku Clouds indicate that it can be difficult to get rid of the token from this movement.
RSI (Relative Power Index), which is among the technical indicators, worse the situation. The RSI indicator approaches below the level of 30.0 and enters the over -selling zone. This can be seen theoretically as a return signal. However, entering the extreme sale zone does not always mean rapid recovery; It only indicates how strong the decline tendency in the market is.
XCN price is critical
Currently onyxcoin is trading at 0.0088, which means a loss of value of about 20 percent in the last three days. However, Token is still over 0.0083 support level. Kriptokoin.comThe price of XCN, as we have included in their analysis, fought at this level during March.
However, if the drop pressure continues, Onyxcoin seems to break this support and decline to 0.0070 levels. If this happens, the price of Onyxcoin will reach almost the lowest level of the last three months.
In order to end the decline tendency, Onyxcoin needs to convert the 0.0100 level to support. If this success is achieved, the price may rise to the level of 0.0120 and some of the latest losses can be compensated.
