The price of Onyxcoin has fallen in recent sessions, raising concerns among short-term holders. At first glance, the decline seemed bearish, but underlying signals tell a different story.
Rather than confirming weakness, the pullback created a potential accumulation window. Many investors did not recognize this shift and sold their shares at falling prices.
Onyxcoin holders make an early exit
Investor behavior has turned sharply bearish over the past week. Exchange balances for Onyxcoin increased by approximately 350 million XCN during this period. At current prices, the inflow is estimated at almost $2 million. Such moves typically reflect growing sales intent rather than long-term positioning.
The selling followed a 12% decline in the XCN price over several days. That drop caused panic among holders, especially short-term participants. Rather than wait for confirmation, many chose to exit their positions early. This reaction added more supply to the market and amplified short-term volatility.
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Despite visible selling, macro indicators point to improving conditions beneath the surface. The MVRV Long/Short difference shows an increasing trend. This metric tracks how profits and losses shift between long-term and short-term holders. Rising values indicate reduced profitability for short-term traders.
When short-term holders lose profits, selling pressure often decreases. These traders are more likely to exit quickly when profits decline. As their incentive to sell decreases, price stabilization becomes more likely.
This dynamic gives Onyxcoin a clearer path to recovery once the excess supply is absorbed.
XCN MVRV Long/short difference. Source: SantimentXCN price has a bullish target
Onyxcoin is trading around $0.0057 at the time of writing. The token remains above the $0.0054 support level, which held during the recent volatility. Over the past month, XCN has formed a flag pattern. This structure often indicates continuation after consolidation.
The measured movement of the flag predicts a potential rally of 150%. That target puts XCN near $0.0156 if the breakout fully develops. Such results typically require broader market support and sustained demand. Although ambitious, the setup reflects strong upside potential if conditions adapt.
XCN Price Analysis. Source: TradingViewA more conservative view focuses on lower resistance levels. Reclaiming $0.0077 would confirm the bullish intent and validate the breakout structure. From there, XCN could rise to $0.0095. Crossing that level would bring into focus the psychological barrier of $0.0100, which is often a trigger for momentum-driven buying.
The downside risk remains if sentiment deteriorates again. Failure to hold current levels could push XCN towards $0.0047. A breakdown below that support would expose $0.0041 as the next downside target. Such a move would negate the bullish thesis and delay any recovery attempt.
The post Onyxcoin Holders Panic Sold, But Technical Charts Show Breakout Potential appeared first on BeInCrypto.
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