Onyxcoin (Xcn) maintained its declining track, as it decreased by 10 % during the past week, as the homogeneous feelings dominated the market.
With the launch of more traders on Altcoin, the number of active headlines witnessed a sharp decrease, indicating the loss of interest in assets and the sharing of the low network.
Xcn is struggled with control over the open sellers
Since early March, Santem’s data has revealed an aggressive decrease in the number of active Xcn’s active headlines.
According to the data provider on the series, on March 3, it completed 2,673 unique addresses at least one treatment that includes XCN. Since then, this number decreased steadily, reaching 1044 on March 18.
This decline highlights the network activity on the onyxcoin and reduce the demand for altcoin, which enhances the downtown surrounding XCN.
Moreover, the month was characterized by a significant increase in the demand for short positions, as it is clear from the mostly negative financing rate.
The asset financing rate is periodic fees exchanged between long and short traders in permanent future contracts. When the financing rate is often negative, the exposed sellers control the currency futures markets.
The increasing demand for XCN shorts highlights the downward expectations of the market. Sellers maintain control and reduce any possible recovery in the short term.
Xcn faces strong sale pressure
Token’s Chaikin Money Flow (CMF) supports this downward view. At the time of the press, the momentum index is less than zero at -0.19.
The CMF indicator flow flows inside and outside the original. When its value is negative, the sale of the purchase activity for the purchase pressure. This indicates the possibility of additional prices as the demand remains weak. In this scenario, the XCN price can slip to $ 0.0075.
On the contrary, the distinctive symbol price can go about $ 0.022 if buyers regain the market control.
Disintegration
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