CandleFocus Onyxcoin Struggles with Heavy Sell-Offs, Down 57% from January’s ATH
2025-03-05
Author: Content Editor
The cryptocurrency Onyxcoin (XCN) has experienced a significant decline since reaching its all-time high in January. The coin has lost 57% of its value, with market indicators suggesting further downside risks. Outflows from XCN's spot markets have been increasing, indicating that investors are selling their holdings and profit-taking is significant. The funding rate for XCN has been consistently negative, showing a bearish sentiment from traders who are betting on further price declines. XCN remains within a descending parallel channel on the daily chart, indicating a sustained downtrend. If the price breaks below the lower trend line, further downside is expected, potentially dropping to $0.0075. However, if there is a surge in demand, the token's value could climb to $0.022.
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