Onyxcoin (XCN) Drops 40% In March as Bears Take Over

Onyxcoin (XCN) has been below important promoting stress, correcting by 9.4% during the last seven days and plunging by 43% up to now 30 days.

The downtrend has left XCN struggling to regain its footing as technical indicators proceed to level towards a bearish market construction. Despite short-lived makes an attempt at restoration, the asset has remained weighed down by persistent bearish momentum.

Onyxcoin RSI Has Been Below 50 For Almost 5 Days

Onyxcoin RSI is presently sitting at 41.09, marking a decline from yesterday’s degree of 47.95. This drop signifies that bearish momentum has been gaining floor over the previous 24 hours, pushing the RSI additional away from the impartial 50 mark.

Since March 15, XCN’s RSI has remained constantly under 50, signaling that the asset has been below persistent promoting stress.

The continued weak spot mirrored within the RSI means that bulls are struggling to regain management, maintaining the worth in a bearish or consolidative part.

The RSI (Relative Strength Index) is a momentum oscillator that measures the velocity and magnitude of latest value modifications to guage overbought or oversold circumstances.

Typically, an RSI above 70 indicators that an asset is perhaps overbought and due for a pullback, whereas an RSI under 30 signifies that the asset might be oversold and would possibly see a bounce. With XCN’s RSI at 41.09 and caught under 50 for a number of days, it suggests the market stays tilted towards bearish sentiment.

While it’s not but in oversold territory, the continuing sub-50 readings spotlight the shortage of bullish momentum and will indicate continued sideways or downward motion until patrons step in to reverse the pattern.

XCN BBTrend Shows Selling Pressure Is Still Here

Onyxcoin BBTrend is presently at -9.5 and has remained in damaging territory for the previous two days, signaling a bearish surroundings.

Earlier, on March 17, BBTrend briefly turned optimistic at 0.83 however did not maintain upward momentum, shortly reverting again under zero. This incapacity to keep up optimistic readings means that bullish makes an attempt have been weak and short-lived, reinforcing the notion that sellers proceed to dominate the market.

The deepening damaging worth of the BBTrend displays ongoing stress on XCN’s value, maintaining it below pressure.

The BBTrend, or Bollinger Band Trend indicator, measures value tendencies based mostly on the positioning of value motion relative to the Bollinger Bands.

When BBTrend values are above zero, it signifies that the worth is buying and selling above the midline (sometimes the 20-period shifting common), suggesting bullish momentum. Conversely, damaging values level to costs trending under the midline, indicating bearish momentum.

With XCN’s BBTrend at -9.5 and struggling to ascertain optimistic values, it indicators that the asset continues to lack sturdy bullish stress, leaving the worth susceptible to additional draw back or extended consolidation.

Will Onyxcoin Fall Below $0.010 In March?

Onyxcoin EMA strains are exhibiting a bearish configuration, with short-term shifting averages positioned under the long-term ones.

This alignment means that downward momentum is prevailing, growing the probability of additional value declines. If XCN continues to pattern decrease, it may fall under the important thing assist at $0.010, a degree not seen since January 17.

However, if Onyxcoin manages to regain the sturdy bullish momentum it demonstrated on the finish of January – when it turned one of many best-performing altcoins available in the market – it may reverse this setup.

In that case, XCN would possibly problem resistance ranges at $0.014 and $0.020, with the potential to climb as excessive as $0.026 if patrons step in aggressively.