Onyxcoin (XCN) has been experiencing substantial selling pressure recently, leading to a correction of 9.4% over the past week and a significant drop of 43% in the last month. This downward trend has caused XCN to struggle to stabilize, as various technical indicators continue to suggest a bearish market structure. Despite brief recoveries, the asset remains burdened by persistent bearish momentum.

Currently, the Relative Strength Index (RSI) of Onyxcoin stands at 41.09, which marks a decrease compared to yesterday's level of 47.95. This decline indicates that bearish momentum has intensified over the past 24 hours, pushing the RSI further away from the neutral threshold of 50. Since March 15, XCN’s RSI has consistently remained below this mark, reflecting ongoing selling pressure.

The sustained weakness indicated by the RSI suggests that buyers are having difficulty regaining control, keeping the price either in a bearish or consolidative phase. The RSI is a momentum oscillator that evaluates overbought or oversold conditions by measuring the speed and magnitude of recent price fluctuations.

Generally, an RSI above 70 signifies that an asset may be overbought and likely to experience a pullback, whereas an RSI below 30 implies the asset could be oversold and poised for a rebound. With XCN’s RSI at 41.09 and persistently below 50 for several days, it indicates that the market sentiment remains predominantly bearish. Although it has not yet reached oversold levels, the continuous sub-50 readings underscore the absence of bullish momentum, potentially foreshadowing continued sideways or downward movement unless buyers intervene to reverse the trend.

Onyxcoin’s Bollinger Band Trend (BBTrend) indicator is currently at -9.5 and has stayed in negative territory for the past two days, pointing towards a bearish scenario. Previously, on March 17, the BBTrend momentarily turned positive at 0.83 but was unable to sustain upward momentum, swiftly falling back below zero. This failure to maintain positive values indicates weak and short-lived bullish efforts, reinforcing the idea that sellers continue to dominate the market.

The deepening negative value of the BBTrend highlights ongoing pressure on XCN’s price, maintaining it under stress. The Bollinger Band Trend measures price trends by analyzing the position of price activity relative to the Bollinger Bands.

When BBTrend values are above zero, it means the price is trading above the midline, usually the 20-period moving average, indicating bullish momentum. Negative values, however, signal prices trending below the midline, pointing to bearish momentum. With XCN’s BBTrend at -9.5 and struggling to achieve positive values, it shows that the asset lacks robust bullish pressure, leaving the price susceptible to further declines or prolonged consolidation.

Onyxcoin’s Exponential Moving Average (EMA) lines exhibit a bearish arrangement, with short-term moving averages positioned beneath the long-term ones. This configuration suggests that downward momentum is dominant, heightening the probability of additional price decreases. Should XCN continue its downward trajectory, it might breach the crucial support level at $0.010, a level not observed since January 17.

Nevertheless, if Onyxcoin can recapture the strong bullish momentum it displayed at the end of January—when it became one of the top-performing altcoins—it could alter this configuration. In such a situation, XCN might test resistance levels at $0.014 and $0.020, potentially reaching as high as $0.026 should buyers engage aggressively.

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