Onyxcoin Plunges 35%: Bearish Trend Deepens

Onyxcoin (XCN) has been experiencing a deepening bearish trend, with a monthly drop of 35% as of late. The cryptocurrency has seen a significant decline in its market capitalization, falling from $1.4 billion on January 26 to its current level of $572 million.

The Relative Strength Index (RSI) for XCN has dropped to 41.8, indicating weakened buying interest. This decline follows a brief recovery, during which the RSI rose from 29.6 to 55.4. The Average Directional Index (ADX) is currently at 25.2, confirming a strong downtrend. XCN faces critical support at $0.014, while a potential reversal could target resistance at $0.0229 and beyond if bullish momentum returns.

The RSI's decline from 55.4 to 41.8 suggests a shift from bullish to bearish sentiment, as buying momentum has weakened and selling pressure has increased. If the RSI continues to fall toward 30, XCN could face further downward movement. However, if the RSI stabilizes above 40, it could indicate consolidation before the next price move.

The ADX's current level of 25.2 indicates that selling pressure is still strong, potentially leading to further price declines. If the ADX keeps above 25, it would confirm the downtrend's momentum. Conversely, if the ADX starts to decline, it could indicate weakening bearish pressure and the possibility of consolidation. The current ADX level signals caution, as the downtrend shows no signs of reversal yet.

If the downtrend continues, XCN could test the support at $0.014, a critical level that could determine its next move. A break below this support would indicate increased selling pressure, potentially pushing Onyxcoin price below $0.010 for the first time since mid-January. Conversely, if the trend reverses, XCN could test the resistance at $0.0229. Breaking above this level could trigger buying interest, pushing the price towards $0.0339 and potentially $0.040.

If XCN can regain the strong uptrend it experienced at the end of January, when it was one of