Onyxcoin Faces Resistance Despite Whale Accumulation

Onyxcoin (XCN) has been unable to break its ongoing downtrend for over a month, in spite of a significant increase in whale activity.

Whale investors have been purchasing XCN in large volumes, yet the lack of a bullish trend in the broader market has impeded any substantial price reversal for the altcoin, which continues to be under downward pressure.

Whales Show Confidence in Onyxcoin

Whale investors, who hold between 10 million and 100 million XCN, have been actively acquiring the token. In just the last three days, they have accumulated over 368 million XCN, amounting to approximately $5.6 million. This indicates that these investors are optimistic about Onyxcoin’s future price recovery, buying in at lower prices to set themselves up for potential profit.

The large-scale acquisitions indicate a level of investor optimism, although the overall market remains quite bearish. The actions of these whales suggest they anticipate a price increase for the altcoin as market sentiment improves, yet current investor sentiment appears to be mixed.

Onyxcoin’s network growth, a key indicator of new addresses and transactions, is at a six-week low. This downturn implies a decrease in new users and investors, pointing towards Onyxcoin struggling to maintain visibility in the greater cryptocurrency arena.

The decline in network activity raises concerns, as it reflects a lack of interest from new participants in purchasing or utilizing the token at the moment.

The stagnation in network growth suggests that while whales are optimistic about XCN’s prospects, the token is finding it challenging to attract new retail investors. Without an influx of new capital, Onyxcoin is likely to face difficulties in maintaining its momentum and reversing its current downtrend.

XCN Price Requires a Push

Currently, the price of Onyxcoin is at $0.0152, remaining below its trend line for the last month. Despite various attempts to escape this downtrend, XCN has been unable to do so. The resistance level at $0.0150 has remained steadfast, posing a challenge to any meaningful price increases.

The recent whale purchases may play a crucial role in determining whether Onyxcoin can turn its current trend around. A successful breakout from the trend line, especially if it can convert $0.0182 into a support level, might propel the altcoin toward $0.0237. This scenario would signal a significant recovery should investor confidence grow.

However, if new investor sentiment remains weak and retail interest continues to fade, the altcoin might break through the support at $0.0150, pushing XCN towards $0.0127, which would negate any bullish outlook.

Ultimately, the fate of Onyxcoin is heavily dependent on its capacity to draw in broader market support and investment.