Onyxcoin (XCN) has struggled to recover it during the past month, as the price is now sitting at a critical support level.
The ALTCOIN price has been stuck in the declining direction, but the recent market conditions indicate that this may be the reflection point. If investors choose to take action, XCN may see a price outfit soon.
ONYXCOIN investors confused
The current MVRV rate of ONYXCOIN is 30 %, indicating that the investors who bought XCN last month are confused. While this indicates an enormous look, it also offers a possible opportunity to make future gains.
The MVRV ratio usually constitutes between -10 % and -30 % “opportunity area”, indicating that the sale pressure tends to saturate at these levels. Historically, accumulation has proven in these low prices that it is permissible when the market turns into a rise.
If investors take this opportunity and move to accumulation, they will help fix the price and lead to a future gathering. This would allow investors to make great gains when recovering XCN prices. Since the MVRV ratio is still in the opportunities area, investors’ decision to act can form the future of Xcn work.
Regarding the total momentum, the technical index (MACD deviation) explains promising signs that the homosexuality can approach its end. MACD is close to indicating an upper intersection, indicating a shift in market morale. With signals in the broader market that show signs of improvement, the transition to the upward trend can be imminent for ONYXCOIN.
Macd’s bullish intersection will provide a strong indication that Xcn’s downward trend is close to its end. This would encourage more purchase activity, which leads to an upward price movement. However, in order for the intersection to happen, it is necessary that the conditions of the broader market remain favorable and investor morale continues to improve.
XCN price needs strength
Onyxcoin is currently $ 0.0168 and tries to get out of the downward trend for a month. Altcoin faces resistance at $ 0.0182 and will need to breach this level to confirm its recovery. Keeping the decisive support level of $ 0.0150 is a key to any possible outbreak.
If Xcn is able to break more than $ 0.0182 and turns it into support, this may pay the price to $ 0.0237. This would lead to a recovery and creation of a new upward trend of the distinctive symbol. In order for this to happen, you must enhance investor morale and the wider market conditions. This would create a favorable environment for ONYXCOIN to climb.
However, if Xcn fails to maintain support at $ 0.0150 and continues the declining direction, the price may decrease further. This would nullify the upcoming expectations. The low level of support can lead to the extension of the losses, which prevents the recovery of prices in the short term.
Disintegration
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