Stock Bear Run for Onyxoin as 6-Week Bullish Streak Ends, Pending Long Sales Possible
Cryptocurrency Chaos: Onyxcoin's (XCN) Title Tumble
Get ready for a wild ride as Onyxcoin (XCN) veers off its triumphant track, plummeting a staggering 14% this week. The altcoin, fresh off a six-week bull run, bit the dust after its desperate attempt to breach the $0.0214 ceiling flopped. This dismal outcome has set the stage for further tumult, as investors watch their gains evaporate.
Bye-Bye to Victory Laps
The overall trend for Onyxcoin screams a mournful dirge from bullish to bearish. The MACD (Moving Average Convergence Divergence) index, which had been on a positive roll, recently performed a cruel, bearish crossover. This vicious shift, occurring around 72 hours ago, signalled the premature end to XCN's burly, six-week adventure.
As the sun sets on XCN's triumphant epic, we can expect continual price declines, with the next major support level about to be tested soon.
Suffering the Consequences
On-edge Onyxcoin traders are facing severe losses as the bearish undertone rents the air. The liquidation heat map flashes a smoldering $2 million worth of long liquidations, representing 16% of the total open interest of $12 million. While that may not sound like much on a grander scale, the liquidation of these positions could further aggravate the situation, plunging us deeper into a bearish outlook for XCN.
As more traders feel the heat, the collective dismay could intensify, making it even harder for Onyxcoin to stage a comeback. The cascading impact of these liquidations might trigger additional selling pressure, widening the chasm.
XCN on the Brink
Currently, XCN stands scarred and bruised, trading at a disheartened $0.0183. The altcoin's futile endeavor to bust through the $0.0214 fortress has left a bloody memory, leading to a nosedive beneath the local barrier of $0.0187.
This stinging defeat has unlocked the door for additional downside, making the price vulnerable to further diminutions.
The next major walls of support for Onyxcoin lay at $0.0165. If the decline persists, this shield will more than likely be tested. A breach beneath $0.0165 could trigger further long liquidations, potentially propelling Onyxcoin into even darker abysses. The prevailing conditions hint at imminent suffering as long as the altcoin fails to fortify itself above this crucial level.
However, should XCN successfully reclaim $0.0187 as a fortress, it could signal hope on the horizon. A successful bounce off this line would grant the altcoin a chance to face the $0.0214 challenge once more, and a triumph over this obstacle would negate the bleak forecast.
Platforms to Explore
TonTrader**dYdX**Arkham**BingX**HTX
Disclaimer
This Onyxcoin (XCN) analysis intends to provide information, but not financial guidance. BeInCrypto is dedicated to precise, impartial reporting, but market circumstances are subject to alter without notice. Always undertake personal research and consult experts before implementing any financial choices. Please make sure to review our revised Terms and Conditions, Privacy Policy, and Disclaimers.
Enrichment Insights
While Onyxcoin presently maintains a bullish sentiment, with predictions suggesting it could skyrocket up to $0.058 by May 31, 2025[2], recent unpredictability and technical patterns may expose vulnerabilities ripe for potential declines:
- Volatility and Historical CorrectivesXCN's turbulent history includes a 2,000% surge followed by an 85% plunge[3]. Such erratic swings suggest that steep upward spikes may herald equally dramatic downward corrections. Despite the current sanguine sentiment, a failure to maintain momentum could lead to profit-taking, resulting in a slide.
- Uncontested Resistance at Key LevelsAlthough XCN has recently broken a descending resistance trend line at around $0.019[3], it faces a formidable roadblock at $0.023. A failure to conquer this challenge could confirm a bearish backlash, especially if coupled with weakening technical indicators like the RSI (currently relatively neutral at 53.10)[2].
- Market Climate ShiftsThe Fear & Greed Index remains neutral (53)[2], offering room for abrupt changes. Negative macroeconomic factors or a broader crypto market downturn could exert pressure on XCN, mirroring its behavior in April 2025 when external factors like U.S. tariff news influenced its trajectory[5].
- Potential Triggers for Declines
- Overextension: A projected rise of 226.98 percent[2] increases vulnerability to speculative sell-offs.
- Technical Repudiation: If the RSI enters overbought territory (above 70) without price confirmation, it could signal a bearish divergence[3].
- Liquidity Deficit: Reduced trading volume or whale activity may amplify descents, resembling the 85% drop it experienced earlier in 2025[3].
- The fall of Onyxcoin (XCN) has left traders in despair, as its once-promising bull run has come to an abrupt halt, resulting in a 14% loss this week.
- The bearish shift in Onyxcoin's momentum is signaled by the MACD index's recent bearish crossover, marking the end of its six-week adventure.
- The ongoing price declines for XCN are expected to continue, with the next major support level set to be tested soon.
- The liquidation heat map shows $2 million worth of long liquidations, representing 16% of the total open interest of $12 million, which could further exacerbate the situation.
- Currently trading at $0.0183, Onyxcoin faces the daunting challenge of retaining its $0.0165 support level, with a potential breach suggesting further declines.
- Although platforms such as TonTrader, dYdX, Arkham, BingX, and HTX may offer opportunities for trading Onyxcoin (XCN), it is crucial to conduct personal research and consult experts before making any financial decisions.
