Onyxcoin (Xcn) has seen a significant slowdown in recent weeks, as its price has decreased by approximately 50 % during the past month.
He is currently trading at $ 0.0090, Altcoin’s performance raised concerns among his holders because he faces the possibility of a major downward step, including the potential death cross.
Onyxcoin investors lose profits
The long/short MVRV difference, a main measure of the understanding of investor morale, has decreased to the lowest level in 4 months. This indicates that LTHS loses profitability, with the indicator barely above the zero line.
If this scale continues to decline and intersects to a negative area, this may indicate that the short -term people (Sths) are now the ones who benefit, which increases the strengthening of homosexuality around the Unyxcoin.
In addition, the decrease in the long/short MVRV difference reflects the lack of confidence from the LTHS, who were previously the main supporters of Altcoin. Since these bearers become less profitable, the chances of selling pressure installation, which may exacerbate the current downward trend.
Onyxcoin technical indicators also indicate more challenges. Emas moving averages (EMAS) approach the death of death, a declining event that occurs when EMA crosses for 200 days of EMA for 50 days. If the declining direction continues, the probability of this intersection becomes higher, indicating that the pressure pressure dominates.
The cross of death is generally seen as a sign of further prices and the continuation of the downward trend. The increasing anxiety is that if the death cross is confirmed, onyxcoin may face a significant correction, and may decrease.
The XCN price continues to decrease
Onyxcoin is currently sitting at $ 0.0090, as it has seen a 50 % decrease over the past month. If the landmark continues, XCN may decrease to the support level of $ 0.0083, which increases its losses.
Looking at the current landline indicators, it is more likely that Xcn can test low support levels, with a possible decrease to $ 0.0070 if the support of $ 0.0083 fails. This would represent another leg in the ALTCOIN struggle to restore the rising momentum.
However, if Onyxcoin managed to reflect its direction and violate the $ 0.0100 barrier, it may be likely to accommodate about $ 0.0120, which will nullify the declining expectations.
This scenario will require great pressure to buy and turn the morale of investors, which may become more logical if market conditions improve.
Disintegration
In line with the guidance of the confidence project, this price analysis article is for media purposes only and should not be considered financial or investment advice. Beincrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always perform your research and consult with a professional before making any financial decisions. Please note that the terms, conditions, privacy policy have been updated and the evacuation of responsibility.
