Onyxcoin (XCN) has recently experienced a significant decline, dropping 34% in just one week.
Market sentiment continues to be pressured, with large investors (whales) reducing their holdings, further intensifying the sell-off pressure on XCN and presenting greater challenges for holders.
Onyxcoin whales are retreating.
Whale addresses holding between 10 million and 100 million XCN have significantly reduced their holdings, selling over 50% of their positions, causing their total holdings to drop from 1.24 billion XCN to 603 million XCN, with a cumulative sell-off of 637 million XCN, valued at approximately $76 million.
Such a large-scale sell-off is seen as a bearish signal, as whale actions often trigger a chain reaction in the market, prompting retail investors to follow suit with sell-offs, further intensifying market pressure.
As whales lose confidence in the recovery potential of Onyxcoin (XCN), market sentiment may remain subdued, and the price rebound could face greater resistance in the short term.
XCN Whale Holding.
Onyxcoin (XCN) is currently facing macroeconomic downward pressure, primarily influenced by whale sell-offs and the overall market environment. Its Relative Strength Index (RSI) has fallen to a 7-month low, indicating that bearish sentiment in the market has peaked, and the trend of XCN is extremely weak. If the trend continues, further adjustments may occur.
Since August 2024, XCN has never shown such a weak performance. With investor confidence low, the token is unlikely to escape the downward trend in the short term, and market rebound momentum remains insufficient.
XCN RSI.
XCN price is expected to decline further.
Onyxcoin (XCN) has fallen 34% in the past week, with the current price at $0.0119, still in a downward trend. Over the past month and a half, it has attempted multiple times to break through the resistance level of $0.0127 but has been unsuccessful, indicating that the market remains under pressure, making a quick rebound difficult in the short term. The price is expected to continue consolidating below this level.
If bearish sentiment continues and whales further sell off, XCN may drop towards $0.0100, or even touch $0.0080. This would exacerbate investor losses and further undermine market confidence, subjecting XCN to greater downward pressure.
XCN Price Analysis.
However, if Onyxcoin can successfully break through $0.0127 and convert it into a support level, it may signal a potential reversal in market sentiment. This breakout could push XCN back to $0.0150, or even challenge higher levels at $0.0182, thereby weakening the current bearish trend and restoring investor confidence.
