Onyxcoin (XCN) Price Crash: Chart Analysis Reveals Bearish Signals

Onyxcoin's chart shows a downtrend with weak momentum. Is a bigger price crash coming? Chart analysis reveals bearish signals and potential support levels.

Onyxcoin (XCN) is flashing warning signs. Chart analysis points to a potential price crash, with key support levels broken and bearish momentum indicators. Time to buckle up?

Onyxcoin (XCN) Chart Looks Ugly

The Onyxcoin (XCN) chart isn't pretty. Technical indicators are screaming weakness, suggesting this might not be the best time to jump in and buy. The overall structure indicates a downtrend that's firmly in control.

Key Support Broken

A major red flag is the breakdown below the $0.01591 support level. This level had been holding steady for weeks, but once it cracked, the market tone shifted fast. Onyxcoin is currently trading around $0.01329, turning the previous support into resistance.

Attempts to bounce back have failed, with the price getting rejected at the old support level. This confirms the bulls are struggling. When support flips to resistance, it's a sign of worsening market sentiment.

Momentum Indicators Flash Red

Momentum indicators are also pointing south. The Relative Strength Index (RSI) is hovering around 36.91, well below the neutral 50 line, signaling weak buying strength. The MACD also shows a bearish pattern, with the MACD line below the signal line and both below zero.

Moving Averages Now Resistance

The 50-day and 100-day simple moving averages are no longer acting as support. With Onyxcoin trading below these averages, they're now resistance levels. This further confirms the bearish outlook in the short, mid, and long term.

Downtrend Pattern Persists

Onyxcoin's chart reveals a clear downtrend pattern of lower highs and lower lows. A failed attempt to reclaim $0.01591 earlier in June reinforces the bears' control.

If this continues, watch for the next major support level at $0.01118, followed by the yearly low around $0.00836.

The Bottom Line

The Onyxcoin chart is currently offering little hope for the bulls. With broken support, weak momentum, and moving averages acting as resistance, caution is advised. Traders might want to wait for a clearer reversal signal before buying.

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice.

So, what's next for Onyxcoin? Will it find support and bounce back, or continue its downward spiral? Only time will tell! Keep an eye on those charts and remember to trade responsibly!