Onyxcoin (XCN) continues to disappoint its investors with a decline trend for the last three weeks. Altcoin, who lost a large part of his gains in January, needs a strong purchase attention to recover. However, the current market conditions and the withdrawal of investors make it difficult to recover. Restoring investor confidence will play a critical role for XCN’s future movements.
Investors are moving away from XCN
Onyxcoin’s network growth indicator has reached a monthly low in the number of new addresses. This metric offers a critical data to measure the interest of new investors. For XCN, however, this shows that potential buyers are moving away from the market and the interest is gradually decreasing.
The decrease of new participants stands out as one of the biggest obstacles that make it difficult for Onyxcoin to recover. The weakening of market confidence leads to the loss of XCN’s moment, while bringing the risk of further fall. The decreasing mobility on the network reveals that long -term investors have low interest. In this case, a stronger investor participation is required to recover Altcoin.
Onyxcoin price estimation: critical support levels and possible scenarios
XCN is trying to get out of the descending kama formation for four weeks. Although this formation usually points to a 66 %rally, the current market conditions make it difficult to achieve this target. In order for XCN to start this rally, it must first protect the $ 0,0237 level as support.
If the market conditions improve and investor confidence increases, XCN may rise to $ 0.0358. However, for this positive scenario, wider market sensitivity must be recovered and positive news flows should continue. If the support level is lost, the price may decrease to $ 0.0184, which may further extend the recovery process.
Importance of Market Conditions
In recent weeks, the Chaikin Money Flow (CMF) indicator, which shows the flow of Onyxcoin money flow, points out that investors have withdrawn. The harsh decline in the CMF shows that the money outlets from the market accelerated and that this situation creates negative pressure on the price of XCN.
The recovery of the interest of investors and the return of market conditions to positive can create a new recovery opportunity for Altcoin.
