Onyxcoin Drops 30% in a Month, Bearish Trend Strengthens

Onyxcoin (XCN) has experienced significant selling pressure, with its value declining by over 11% in the past week and more than 30% over the past month. This sustained weakness is reflected in multiple indicators, which now show a decisively bearish trend. The Relative Strength Index (RSI) for Onyxcoin has dropped sharply to 31.63, down from 48.72 just a day earlier, bringing it close to the oversold threshold. This significant decline highlights the growing bearish momentum in the market. The RSI has remained below the neutral 50 mark for the past 12 consecutive days, indicating that bearish sentiment has been dominant throughout this period. This ongoing weakness suggests that sellers continue to control the market, and the latest drop may indicate a deepening of the current downtrend.

The RSI is a momentum oscillator that measures the speed and change of price movements on a scale from 0 to 100. Readings above 70 typically suggest an asset is overbought and may be due for a correction, while values below 30 indicate oversold conditions that could lead to a potential rebound. Onyxcoin’s current RSI of 31.63 puts it just above oversold territory, which means a bounce is possible—but far from guaranteed. If bearish pressure persists and the RSI dips below 30, it could signal panic selling or capitulation. On the other hand, a quick recovery in RSI above 40 could hint at fading selling pressure and the early signs of a trend reversal.

The Average Directional Index (ADX) for Onyxcoin has surged to 24.17, up from 12.86 just a day ago, signaling a rapid increase in trend strength. The ADX measures the intensity of a trend, regardless of its direction, and this sharp rise suggests that the current downtrend is gaining traction. With Onyxcoin’s price already moving lower, the strengthening ADX reinforces the idea that bears are firmly in control, and the downward momentum may continue in the near term. The ADX operates on a scale from 0 to 100, with readings below 20 typically indicating a weak or non-existent trend. Values between 20 and 25 point to a trend that may be starting to build, while anything above 25 signals a strong, established trend. Onyxcoin’s current ADX at 24.17 is right on the edge of this critical threshold, suggesting that the downtrend is transitioning from early-stage to potentially stronger territory. If the ADX continues rising above 25 while the price stays in decline, it would confirm that sellers are driving a more powerful move lower, and any bullish reversal attempt could face strong resistance.

Onyxcoin’s Exponential Moving Average (EMA) lines are currently aligned in a bearish formation, suggesting that the downtrend may persist in the short term. If the bearish momentum continues, Onyxcoin could retest the support level at $0.0083, a critical zone that previously acted as a floor. A breakdown below this level would likely expose the token to further downside, potentially causing it to fall to $0.0051, its lowest price since January 17. The current EMA structure highlights weakening bullish pressure and increasing vulnerability to additional selling. However, there’s still a path to recovery if Onyxcoin can regain the strong momentum it showed at the end of January, when it was one of the most talked-about altcoins in the market. A reversal could take Onyxcoin back to test the resistance at $0.014, and a successful breakout above that would signal renewed bullish strength. If buyers push further, price targets at $0.020 and even $0.026 will become relevant—levels not seen since mid-February.