Onyxcoin Price Stalls Despite Whales Buying 368 Million XCN
Despite the surge in whale activity, Onyxcoin (XCN) has been working to break its downward trend.
Although whales have accumulated a lot of XCN, the lack of broader bullish market clues has prevented a significant price reversal. Altcoin continues to face downward pressure.
Onyxcoin whale is responsible
Whale investors holding 10 million to 100 million XCN have been actively accumulating tokens. Over the past three days, these investors have purchased more than 368 million XCN, worth $5.6 million. This shows that whale investors are Onyxcoin’s final price recoveryaccumulate at a lower price to take advantage of future gains.
Large-scale purchases show optimism among investors, although the broader market remains relatively bearish. The whale’s actions show that they believe that Altcoin’s price will rise once market sentiment changes, but for now, the sentiment of average investors seems to be mixed.
Onyxcoin’s network growthThis is a new address and indicator of trading, currently at a six-week low. This indicates a decline in new users and investors, pointing to Onyxcoin’s loss of appeal in the wider crypto market.
The lack of network activity is a problem as it indicates that new entrants are currently not interested in purchasing or using tokens.
The stagnation of network growth means that while whales remain confident in the future of XCN, Altcoin is still struggling to attract new retail investors. Without the influx of new investors, Onyxcoin faces challenges in maintaining momentum and reversing the decline.
XCN price needs to be driven
At the time of writing, Onyxcoin is priced at $0.0152, Altcoin Below the trend line of the past month. Despite multiple attempts to get rid of this downward trend, XCN has not been successful yet. The $0.0150 resistor continues to remain in the company, thus creating a barrier to any significant price increase.
Recent whale activity may be a key factor in determining whether Onyxcoin can reverse its current trend. Successfully violated the trend line, especially if $0.0182 is supported, it could push Altcoin to $0.0237. If investor confidence is strengthened, it will mark a strong recovery.
But if new investor sentiment remains weak and retail interest continues to decline, Altcoin may drop due to $0.0150 support. This will push XCN oriented $0.0127, invalidating the bullish outlook.
Onyxcoin’s future depends largely on whether it can attract wider market support and capital.
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.
