Onyxcoin Drops 40% in March, Bearish Momentum Persists

Onyxcoin (XCN) has experienced a significant decline in value, with a 40% drop in March. This downward trend has been persistent, with the asset struggling to regain its footing despite short-lived attempts at recovery. The bearish momentum has left XCN in a challenging position, with technical indicators pointing towards a continued bearish market structure.

One of the key indicators highlighting the bearish trend is the Relative Strength Index (RSI). Currently sitting at 41.09, the RSI has been below 50 for almost five days, indicating persistent selling pressure. This drop from yesterday’s level of 47.95 suggests that bearish momentum has been gaining ground, pushing the RSI further away from the neutral 50 mark. The RSI is a momentum oscillator that measures the speed and magnitude of recent price changes to evaluate overbought or oversold conditions. Typically, an RSI above 70 signals that an asset might be overbought and due for a pullback, while an RSI below 30 indicates that the asset could be oversold and might see a bounce. With XCN’s RSI at 41.09 and stuck below 50 for several days, it suggests the market remains tilted toward bearish sentiment. While it’s not yet in oversold territory, the ongoing sub-50 readings highlight the lack of bullish momentum and could imply continued sideways or downward movement unless buyers step in to reverse the trend.

Another indicator reflecting the bearish environment is the Bollinger Band Trend (BBTrend). Currently at -9.5, the BBTrend has remained in negative territory for the past two days, signaling a bearish environment. Earlier, on March 17, the BBTrend briefly turned positive at 0.83 but failed to sustain upward momentum, quickly reverting back below zero. This inability to maintain positive readings suggests that bullish attempts have been weak and short-lived, reinforcing the notion that sellers continue to dominate the market. The deepening negative value of the BBTrend reflects ongoing pressure on XCN’s price, keeping it under strain. The BBTrend measures price trends based on the positioning of price action relative to the Bollinger Bands. When BBTrend values are above zero, it indicates that the price is trading above the midline (typically the 20-period moving average), suggesting bullish momentum. Conversely, negative values point to prices trending below the midline, indicating bearish momentum. With XCN’s BBTrend at -9.5 and struggling to establish positive values, it signals that the asset continues to lack strong bullish pressure, leaving the price vulnerable to further downside or prolonged consolidation.

The Exponential Moving Average (EMA) lines for Onyxcoin are also showing a bearish configuration, with short-term moving averages positioned below the long-term ones. This alignment suggests that downward momentum is prevailing, increasing the likelihood of further price declines. If XCN continues to trend lower, it could fall below the key support at $0.010, a level not seen since January 17. However, if Onyxcoin manages to regain the strong bullish momentum it demonstrated at the end of January, it could reverse this setup. In that case, XCN might challenge resistance levels at $0.014 and $0.020, with the potential to climb as high as $0.026 if buyers step in aggressively.