Onyxcoin (XCN) Plummets 15% as Death Cross Looms

Onyxcoin (XCN) has experienced a significant decline, plummeting by 15% over the past week. This downward trend is expected to continue as selling pressure intensifies. A key technical indicator, the Moving Average Convergence Divergence (MACD), is on the verge of forming a death cross. This pattern occurs when an asset’s MACD line crosses below the signal line, signaling a shift from bullish to bearish momentum. Such a pattern often precedes significant price drops, especially when accompanied by weakening volume and broader market uncertainty.

At the time of reporting, XCN’s MACD line is poised to cross below its signal line. If confirmed, the death cross would indicate intensifying selling pressure and signal the start of a prolonged downtrend. Additionally, XCN’s double-digit decline over the past week has pushed its price towards its 20-day exponential moving average (EMA). This key moving average measures an asset’s average price over the past 20 days, giving more weight to recent prices. XCN’s dip toward the 20-day EMA suggests that bulls are losing control, while sellers continue to dominate the market. If XCN’s price fails to hold above the key moving average, it may trigger a deeper correction.

The looming MACD death cross and the potential decline below the 20-day EMA signal a strong shift toward bearish territory. These indicators suggest that bearish momentum is gaining traction, with buyers showing little strength to reverse the current downtrend. If the decline continues, XCN’s price could fall to $0.0075. However, a spike in new demand for XCN could invalidate this bearish outlook. In that case, the token’s price could reverse its ongoing decline, break above $0.0174, and climb to $0.023.