Onyxcoin Price Drops 15% Amid Bearish Trends

Onyxcoin (XCN) has experienced a tumultuous journey since its explosive start earlier this year. In January, XCN saw an unprecedented rally, surging over 1,500% in just two weeks. This dramatic increase led many to believe that Onyxcoin could be the standout cryptocurrency of the current cycle. However, the excitement has since waned, and the price has been on a downward trajectory.

The price chart of XCN illustrates this volatility. After reaching a high of $0.05 in January, the price plummeted and has been in a falling wedge pattern since April. This pattern indicates that the price is bouncing between two downward-sloping trendlines that are converging. Currently, XCN is near the lower part of this wedge, suggesting it could drop another 10% to 15% before hitting support again.

Another concerning trend is the formation of a lower-high and higher-low pattern. This pattern, visible on the second chart, shows that while XCN has tested a trendline formation running underneath the price action since January, each bounce has been weaker than the last. This weakening momentum indicates that Onyxcoin’s bullish momentum is fading, making it difficult to trust that the trendline will hold or that any bounce will result in a proper reversal.

Given these technical indicators, investing $1,000 in Onyxcoin at this moment may not be advisable. The price action is still within a downward trend, and there are no clear signs of a breakout as seen with other altcoins. For a true turnaround, XCN would need to break out of the falling wedge with strong volume or experience a significant fundamental event, such as new partnerships, a major exchange listing, or a network upgrade. Technical analysis alone cannot predict these events.

Analysts have predicted that the price of Onyxcoin may not stop at $0.05, indicating a potential for further decline. This bearish outlook is supported by the technical analysis of Pi Network, another cryptocurrency. The Fear & Greed Index for Pi Network shows a reading of 73, indicating greed, but the technical indicators for Pi Network are predominantly bearish, with 14 out of 17 indicators signaling a sell. The 14-day Relative Strength Index (RSI) for Pi Network is at 37.91, which is considered neutral, but the Stochastic RSI and Stochastic Fast indicators are both signaling a sell, further supporting the bearish outlook.

The moving averages for Pi Network also indicate a bearish trend. The Simple Moving Averages (SMA) for periods of 3, 5, 10, and 21 days, as well as the Exponential Moving Averages (EMA) for the same periods, are all signaling a sell. This suggests that the price of Pi Network, and potentially other cryptocurrencies like Onyxcoin, could continue to decline in the near term. The oscillators for Pi Network are mixed, with some indicating a buy and others indicating a sell, but the overall trend is bearish, with the Commodity Channel Index (CCI) and Average Directional Index (ADX) both showing neutral readings.

The support and resistance levels for Pi Network also suggest a bearish outlook. The strongest support level is at $0.470081, while the resistance levels are at $0.504356, $0.514838, and $0.521494. This suggests that the price of Pi Network could face significant resistance if it attempts to move higher, while the support levels could provide a floor for the price if it continues to decline. The correlation analysis for Pi Network shows that it is most positively correlated with DeXe, Kaia, Klaytn, Bitcoin SV, and Bitget Token, and most negatively correlated with Pudgy Penguins, TRON, PAX Gold, PancakeSwap, and Fasttoken. This suggests that the price movements of these cryptocurrencies could have an impact on the price of Pi Network, and potentially Onyxcoin as well.

In conclusion, investing $1,000 in Onyxcoin at the current moment may not be a wise decision. The bearish outlook for Onyxcoin, as well as the negative sentiment for the broader cryptocurrency market, suggests that the price of Onyxcoin could face further downside pressure. Investors should exercise caution and consider the potential risks before making any investment decisions.