XCN Price Prediction: Bearish Trend Ahead as Trading Volume Jumps 55%

During the recent price recovery, the XCN price attracted significant interest from traders and investors. The coin showcased strong performance, fueling optimism in the market.

The recent price recovery in XCN has attracted significant interest from traders and investors, especially given the coin's strong performance that fueled optimism in the market. However, despite the interest and performance, the XCN price trend now appears to be shifting bearish.

The data from Coinglass reveals that the XCN price soared over 230% following pauses in the tariff war. Still, later this upside momentum faded, and the trend shifted into a consolidation phase. During that time, the asset has hovered between $0.016 and $0026 for the past three weeks.

At press time, the XCN price was trading at $0.0189 and recorded a decline of 2.50% over the past 24 hours. However, its trading volume jumped by 55% during the same period. This indicated heightened participation from traders and investors.

XCN Flashing Bearish Sign, On-Chain Metrics Sell Signal

Amid the ongoing downside momentum in the Onyxcoin price, the jump in trading volume signaled a bearish sign. This suggests that more traders and investors with a bearish view have participated.

Coinglass data reveals traders are heavily leaning toward bearish bets. They are capitalizing on the prevailing market sentiment to position themselves strategically.

XCN Long/Short ratio at press time is 0.658, indicating a strong bearish sentiment among traders. This metric further reveals that 60.31% of the top XCN traders take short positions, while 39.69% take long positions.

Another on-chain metric further supports this bearish outlook. At press time, the XCN OI-Weighted Funding Rate was negative, standing at -0.1012%, indicating traders’ bearish sentiment. This metric suggests that traders in the futures market are strongly betting on the short side, hoping the XCN price will decline. When combining these on-chain metrics, bears dominate the asset and lower the asset’s price.

XCN Price Action and Technical Analysis

Expert technical analysis suggests that the XCN price has entered a consolidation phase. After a strong rally, it has traded within a tight range of $0.0162 to $0.024 for the past three weeks.

Based on the daily chart, the asset has recently faced resistance at the upper boundary. It now seems to be heading toward the lower boundary.

If sentiment remains unchanged, XCN price could face a notable decline. Based on historical momentum, it may drop over 10% before reaching the lower consolidation boundary.

However, when the XCN price reached the lower boundary, it recorded massive upside momentum. This time, if it fails, we could see a significant price decline until the price reaches the next support at $0.0105.

Alongside the downward price movement, the CMF indicator is signaling bearish momentum. This metric, which tracks buying and selling pressure, suggests weakening demand in the market.

According to the daily chart, XCN’s CMF stands at -0.02. This indicated stronger selling pressure and suggested that the price may soon test the lower boundary.