ONYXCOIN (XCN) has expanded its losing range, as it decreased by another 22 % in the past 24 hours. It is now trading at the lowest level in 30 days at $ 0.015.
With an increased declining bias towards Altcoin, its price may continue to decrease. This analysis explains the cause.
Onyxcoin merchants remain declining
XCN’s continuous negative financing rate is a major indication of the declining bias against it. According to Coinglass, Altcoin’s financing has been negative mostly since December 9. At the time of the press, this is to -0.17 %.
The financing rate is a periodic fee that is exchanged between long and short traders in permanent future contracts to maintain prices parallel to the immediate market. When negative, short traders pushed traders. This indicates that most Xcn merchants are bound and expect more prices.
In addition, the open interest of Xcn was in a declining direction, highlighting the weak demand for altcoin among the market participants. For all Coinglass data, to this writing, it is $ 6 million, which represents its lowest level in 30 days.
The open interest of assets measures the total number of suspended derivatives, such as future contracts or options, which have not been settled. When it falls alongside the price of the original, as in the case of XCN, it indicates twice the market participation, as traders close their sites instead of opening new sites.
This indicates that Xcn’s bonding prices are driven by liquidation or profit, instead of the new short sale, which reduces the possibility of a severe long -term recovery.
Habbudian clouds waved on the horizon on XCN
On the daily chart, Xcn is traded below the leading A and B from the Cloud Ichimoku Index. This momentum index measures the asset market trends and determines potential support/resistance levels. When the original falls under this cloud, the market is in a declining direction.
In this case, the cloud acts as a dynamic resistance level for XCN. It confirms the possibility of continuous low prices as long as the price remains less than the cloud and the demand continues to decline. If this trend continues, the XCN value may decrease to $ 0.011.
On the other hand, if you resume the purchase activity, the XCN value may be to $ 0.022.
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.
