Onyxcoin (XCN) has experienced a significant decline in price, dropping from $0.035 to $0.013 over the past month. This downward trend is similar to that of Bitcoin, indicating a bearish sentiment in the broader market. The declining open interest in Onyxcoin suggests that traders are pulling their money out due to the altcoin's lack of recovery. This decline in open interest reflects a bearish outlook and fear surrounding the asset. Onyxcoin is highly correlated with Bitcoin, meaning it closely follows Bitcoin's market movements. If Bitcoin fails to recover, Onyxcoin's price may face further pressure. Currently, XCN is trading at $0.013 and is vulnerable to further declines. If the downtrend continues, it could fall below $0.012 and test the next support at $0.010. However, if Bitcoin gains momentum, Onyxcoin could break through the $0.018 resistance and potentially end the downtrend.



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