XCN Price in Freefall – Will It Recover?
Onyxcoin has been on a sustained downward trend since reaching its all-time high of $0.049 on January 26. The transaction price at press time was $0.015, and this coin has reduced 57% of its value.
As bearish pressure increases, the decline may not end as market indicators indicate further downside risks.
XCN faces heavy selling pressure
Stable outflow From XCN’s spot market, the past month reflects an increase in sales activity among investors. In February, the bench coins recorded only four days of inflows, totaling only $3.5 million. Instead, XCN spots leaked over $15 million during the same period.
Outflows in the XCN spot market have reached $6.45 million so far this month. When such a large amount of field outflows of assets are recorded, its investors are selling their shares.
This trend shows that XCN traders’ profits are important. This shows that there is no new demand for Altcoin, which may reduce its Short-term price.
In addition, its funding rate has been primarily negative since the beginning of the year, highlighting bearish bias against XCN.
This periodic fee is exchanged between permanent long traders and short traders futures contract. It is designed to align contract prices with the spot market. When such persistent negatives, this means short positions are dominant, indicating that traders are betting on further price drops, which can be further strengthened Bearish sentiment.
XCN card in a downward trend: Will it break or drop further?
On the daily chart, XCN remains within the descending parallel channels of its internal transactions since January 26. This bearish approach is formed when the price of an asset moves between two falling parallel trend lines, which indicates Continuous downward trend.
This mode indicates that XCN sellers are in control. A downward trend below the lower trend line is formed to support, suggesting further disadvantages. If this happens, the price of XCN may drop to $0.0075.
However, the bullish rise in the XCN market can prevent this. If new demand soars, the value of the token can Climb to $0.022.
Disclaimer
and Trust Project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Beincrypto is committed to accurate and impartial reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions,,,,, Privacy Policyand Disclaimer Updated.
