Onyx coin price has fallen in recent sessions, causing concern for short-term holders. While this decline appeared bearish on the surface, the underlying signals tell a different story.
Rather than confirming weakness, this decline created a potential accumulation window. Many investors failed to recognize this change and sold as prices fell.
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Onyxcoin holders will withdraw early
Investor behavior has turned sharply bearish over the past week. During this period, Onyxcoin’s exchange balance increased by approximately 350 million XCN. At current prices, the inflow equates to nearly $2 million. Such moves typically reflect increased selling intent rather than long-term positioning.
The sell-off comes after the price of XCN fell by 12% in a few days. This decline caused panic among holders, especially short-term participants. Many chose to let go of their positions early rather than wait for approval. This reaction increased supply to the market and intensified short-term volatility.
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Despite the visible sell-off, macro indicators point to improving conditions behind the scenes. MVRV long/short differential is trending upward. This indicator tracks how profits and losses change between long-term and short-term holders. An increase in value indicates a decrease in profitability for short-term traders.
Selling pressure often subsides as short-term holders lose profits. These traders are more likely to exit as soon as their profits shrink. When sales motivation decreases, prices are more likely to stabilize.
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This dynamic gives Onyx coin a clearer path to recovery once the excess supply is absorbed.
XCN price has a bullish target
At the time of writing, Onyxcoin is trading around $0.0057. The token remains above the $0.0054 support level, which has held steady amid recent volatility. Over the past month, XCN has been forming a flag pattern. This structure often indicates a continuation after integration.
The measured movement from the flag predicts a potential 150% rise. This target will put XCN near $0.0156 if the breakout fully develops. Such outcomes typically require broader market support and sustained demand. Although this setting is ambitious, it reflects strong upside potential if conditions are right.
A more conservative outlook will focus on closer resistance levels. A retake of $0.0077 would confirm the bullish intent and validate the breakout structure. From there, XCN could move towards $0.0095. A break above this level draws attention to the $0.0100 psychological mark, which often triggers momentum buying.
Downside risks remain if sentiment deteriorates again. If the current levels are not sustained, XCN could approach $0.0047. If the price breaks below this support, the next downside target will be $0.0041. Such a move would invalidate the bullish thesis and delay any recovery attempts.
