XCN Drops 15%: Bearish Signals Indicate Further Declines Ahead

Onyxcoin (XCN) has experienced a notable decline, plummeting 15% over the last week, driven by broader market fluctuations. Currently, the altcoin is trading at $0.0132, marking a further 1% decrease amidst a general market rally.

In contrast to other cryptocurrencies that seem to be recovering, XCN finds itself entrenched in a persistent bearish trend. Technical readings suggest the possibility of additional losses, emphasizing the need for buyers to step in.

XCN Struggles Below Key Resistance Levels

The one-day XCN/USD chart reveals that the altcoin is trading below its 20-day exponential moving average (EMA), which stands at $0.0137, creating a significant resistance barrier.

The 20-day EMA calculates the average trading price of the asset over the past 20 days, giving precedence to more recent prices for comprehensive trend analysis. When prices fall below this key metric, it indicates waning momentum and a downward trend, suggesting that XCN could face further declines unless buyers intervene effectively.

Additionally, the altcoin is trading significantly below the Leading Spans A and B of the Ichimoku Cloud, further reinforcing the bearish sentiment.

This indicator evaluates an asset's market momentum and helps identify potential support and resistance levels. When the price drops below the Ichimoku Cloud, it signifies a downtrend, making the cloud an active resistance area that reinforces the overarching bearish market sentiment. For XCN, notable resistance levels lie above at $0.0154 and $0.0300, indicating significant downward pressure on its price.

XCN Faces Bearish Control: Future Price Movements?

XCN has operated within a descending parallel channel that has dictated its price decline since January 25. With the selling activity gaining traction, the altcoin may remain locked in this bearish trend, potentially pushing its price down to $0.0117.