XCN Downtrend Continues: What’s Driving the Bearish Sentiment?

XCN Downtrend Continues: Can It Rebound?

For the past four weeks, Onyxcoin (XCN) has been in a protracted downward trend, causing investors to suffer large losses. Although there have been attempts at a breakout rally, the altcoin has had difficulty keeping up its upward pace. The persistent lack of investor backing exacerbates worries about XCN’s short-term recovery prospects.

Since active addresses have fallen to a monthly low, XCN‘s market sentiment is currently poor. This suggests that many XCN investors are reluctant to join the network, most likely as a result of the continuous losses. Many investors are being forced to take a wait-and-see stance due to the lack of significant upward momentum.

The market’s mistrust is reflected in the absence of transaction activity, as many people decide not to participate until the prospects for a recovery are more apparent. The general downward pressure on the price of XCN is being exacerbated by this bearish sentiment. Any notable price increase for the altcoin is probably going to be difficult until investor confidence improves.

XCN Stuck Below Resistance: Can Onyxcoin Break Out of Its Downward Spiral?

Technical indicators such as the Relative Strength Index (RSI) also show that Onyxcoin’s overall macro momentum is trending down. For the last five days, the RSI has stayed trapped below the neutral 50.0 line, indicating that bearish momentum is still in control. The altcoin may be under more downward pressure given its lack of momentum over the neutral level.

The RSI’s present reading suggests growing pessimism, which could jeopardize any recovery efforts. It seems unlikely that XCN will have the robust rally required to break out of its downward trend as long as the RSI remains below the neutral line. Before a recovery begins, traders and investors will need to observe a change in momentum.

Staying below the downtrend line that has held for almost three weeks, XCN is still declining. As of this writing, XCN is still below the crucial resistance level of $0.0220, trading around $0.0218. The altcoin is probably going to continue its present downward trajectory until this obstacle is overcome.

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