Onyxcoin (XCN) has experienced a significant decline in value, dropping 42% over the past month. This has resulted in the token being classified as undervalued, making it an attractive option for traders seeking discounted prices. However, on-chain metrics suggest that the downtrend may not be over. The market value to realized value (MVRV) ratio of XCN confirms its undervaluation, with metrics showing -8.49% and -24.87% based on a 7-day and 30-day moving average respectively. Negative MVRV ratios like this are typically seen as buy signals, but XCN's steady decline has weakened bullish sentiment and led to continued sell-offs. The coin's persistent negative funding rate and plummeting open interest indicate weakening demand and potential further price declines. XCN's Relative Strength Index (RSI) is also falling, signaling weakening bullish momentum. If this continues, the token's price could drop to $0.011. Conversely, a resurgence in demand could lead to a rally to its year-to-date high of $0.049.



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