Onyxcoin (XCN) has been experiencing a downtrend over the past three weeks, erasing its previous gains. The altcoin is struggling to recover due to challenges such as continued outflows and negative investor sentiment. The network growth indicator for Onyxcoin has decreased, indicating a loss of interest from potential buyers. The altcoin's momentum is weakening, as shown by the Chaikin Money Flow (CMF), which suggests money is flowing out of the asset. XCN's price is breaking out of a descending wedge pattern, potentially signaling a 66% rally, but achieving this will depend on overcoming current market challenges. The altcoin needs to secure $0.0237 as support, and a more realistic scenario suggests it might hover around this level. Losing this support could result in a prolonged downtrend and prevent immediate recovery.



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