Onyxcoin Price May Fail To Benefit From XCN Holders’ Bullishness | Airdrop Alert Pro

Onyxcoin (XCN) has faced significant challenges lately, while Altcoin strives to get rid of the extended downward trend. Despite attempts to reverse its course, Onyxcoin’s price still faces strong bearish pressure.

Although Long-term Holders (LTHS) are realizing profits, overall market sentiment remains uncertain, which could delay any meaningful recovery of the coin.

Onyxcoin investors are optimistic

Onyxcoin price sports Currently affected by its correlation with Bitcoin (BTC), the Bitcoin (BTC) has recently risen to a strong 0.84. This shows that XCN can follow Bitcoin’s leading position.

However, this correlation also poses risks as Bitcoin encounters difficulties and trades below $85,000. If Bitcoin continues to struggle, it may Bump Onyxcoin downprevent any potential gatherings of Altcoin.

However, the MVRV length/short difference for Agate coins is currently 18%. This indicates that long-term holders are making profits, which usually indicates that Altcoin’s market is more stable. These holders are reluctant to sell during a period of market decline to help maintain some support for the coin.

Onyxcoin’s price movement is currently restricted by a larger macro trend. If the market environment deteriorates or the price of Bitcoin continues to stagnate, Onyxcoin may find itself Stumble into a spiral descending. On the contrary, if the broader market recovers, Onyxcoin may see a shift in investor sentiment, which is crucial for its price recovery.

XCN price may drop

Onyxcoin’s price has fallen by 15% over the past 24 hours, continuing a downtrend for 4 weeks. After a brief 27% rally over the weekend, Altcoin Unable to maintain upward momentum, and previous attempts to break through were ineffective. XCN is currently below the critical resistance level of $0.0182, with support of $0.0150.

If prices continue to consolidate around these levels, the outlook remains uncertain. Without a lot of market support or a clear emotional reversal, XCN may continue to struggle, below $0.0150 and may test $0.0127.

Despite the challenges, if the broader market conditions improve, XCN may end Violation and reclaim $0.0182 as support. This could push Altcoin to $0.0237 and invalidate bearish papers.