Onyxcoin Plummets 45% in 30 Days, Bearish Pressure Eases
1min read Onyxcoin (XCN) has experienced a significant decline of over 45% in the past 30 days, following a notable surge at the end of January. This downturn has led to a cooling off period for the altcoin, which was previously one of the most trending in the market. Despite this, there are signs that the bearish pressure may be weakening, suggesting a potential shift in the trend.
Both momentum and trend indicators point to a reduction in bearish pressure, which could signal an impending rebound for Onyxcoin. The Relative Strength Index (RSI) for XCN is currently at 41.7, down from a peak of 55.6 three days ago. The RSI has remained in a neutral zone for the past week, fluctuating between 41 and 55, without showing a strong bullish or bearish trend. Readings above 70 typically indicate overbought conditions, while readings below 30 suggest oversold conditions. With XCN’s RSI now at 41.7, it suggests mild bearish pressure but not enough to confirm an oversold market. This could indicate that XCN is in a consolidation phase, and traders may be waiting for a stronger directional signal before committing to a trend.
The Average Directional Index (ADX) for Onyxcoin is currently at 8.33, dropping from 14.7 just two days ago. This sharp decline signals a further weakening of trend strength as the token remains in a downtrend but with reduced momentum behind the move. Values above 25 indicate a strong trend, and values below 20 point to a weak or non-trending market. With XCN’s ADX now at 8.33, this suggests that the ongoing downtrend is losing steam. The price could remain range-bound or experience smaller movements until momentum returns. Without a pickup in ADX, traders may see continued sideways or choppy price action in the short term.
Despite being one of the most trending altcoins in 2025, Onyxcoin's price has corrected by 42% over the past 30 days. If this downtrend continues, XCN could retest the key support at $0.01. A breakdown below this level would mark the first time the token has fallen below $0.01 since January 17 
