Onyxcoin (XCN) Price Decline Triggers 50% Drop In Open Interest | Airdrop Alert Pro

Onyxcoin (XCN) has dropped sharply over the past month, down from $0.035 today to $0.013. This continued downward trend reflects Bitcoin’s price action, as Altcoin appears to follow bearish sentiment in the broader market.

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Onyxcoin traders are flinching

Onyxcoin’s open interest took a huge hit, down more than 50% in just one week. It dropped from $10.8 million to $4.7 million, reflecting traders pulling their funds out due to a lack of recovery from alternative tokens. The decline in open interest indicates bearish outlook and fear due to lack of growth in assets.

Furthermore, the rapid decline in open interest indicates that traders are hesitant Bet onyxcoin In the near future. The lack of any recovery momentum may prompt many to seek more stable alternatives. This further prevents potential new investors from entering the market, thus deepening bearish sentiment.

Onyxcoin has a strong correlation with Bitcoin, which is currently 0.81. This high correlation means that XCN has been following Bitcoin’s market changes. Given that Bitcoin’s recent decline is below $80,000, Bitcoin’s bearish trend has spilled to Onyxcoin, and its price has been lowered.

The relationship between XCN and Bitcoin emphasizes the impact of a wider market on Altcoins. Bitcoin’s bearish performance, which marks a sharp decline, is an important factor Onyxcoin’s continued downward trend. If Bitcoin fails to recover, Onyxcoin’s price could face further pressure, with limited chances of reversal without greater market improvement.

XCN price decline continues

XCN’s price has dropped 15% in the past 24 hours, trading at $0.013 after losing key support of $0.015. However, the coin currently holds support levels above $0.012. Despite this, the bearish trend continues to dominate, and Altcoin It is easy to fall further.

If the downtrend continues, XCN may be below $0.012, bringing the next supported test to $0.010. This will expand the downward spiral of the current month and may deepen losses for investors. Violating this level would be a significant setback, indicating further bearish outlook.

But if Bitcoin manages to restore momentum, and XCN Follow Suits, altcoins may break the barrier of $0.018. This successful flip of resistance will invalidate the bearish paper, which provides hope for price recovery and indicates the end of the downward trend.