Onyxcoin Plummets 34% as Whales Sell 637M XCN

Onyxcoin (XCN) has experienced a significant decline in its price, dropping by 34% over the course of a week. This sharp decrease has exacerbated the challenges faced by XCN holders, particularly as large-scale investors, known as whales, have been exiting the market. The sell-off by these whales has contributed to the negative sentiment surrounding the coin, as their actions often influence retail investors to follow suit, fearing further declines.

Whale addresses holding between 10 million and 100 million XCN have sold over 50% of their holdings. This substantial liquidation has reduced their positions from 1.24 billion XCN to 603 million XCN, equating to roughly 637 million XCN sold. The loss of confidence by these influential market players has caused a ripple effect throughout the market, potentially delaying any potential price rebound for Onyxcoin.

The overall macro momentum of Onyxcoin is currently under pressure, driven largely by the selling behavior of whales and broader market conditions. The Relative Strength Index (RSI) has fallen to a 7-month low, signaling a peak in bearish momentum. This drop suggests that the cryptocurrency is in a vulnerable position, with further corrections likely if the trend continues. The RSI’s position indicates that Onyxcoin has not been this weak since August 2024, making it challenging for XCN to break free from its downward trajectory as investor sentiment remains sluggish.

Onyxcoin is currently trading at $0.0119, having fallen 34% over the last week. For the past month and a half, it has remained stuck under the downtrend line and has been unable to break through the resistance level of $0.0127. Given the persistent downward pressure, it is unlikely to see an immediate rally, and the price could remain under this barrier for some time. If the bearish sentiment continues and the selling from whales intensifies, XCN could fall to $0.0100 or even lower, potentially reaching $0.0080. Such a decline would result in even greater losses for investors and deepen the negative market sentiment surrounding Onyxcoin.

However, if Onyxcoin can reclaim the $0.0127 level as support, it could signal a potential reversal. Such a move would allow XCN to rally