Onyxcoin (XCN) has experienced significant selling pressure recently, leading to a substantial decline in its value. Over the past week, the coin's price has dropped by more than 11%, and in the last month, it has fallen by over 30%. Various technical indicators now reflect this prolonged weakness, with momentum and trend signals strongly indicating a bearish outlook.

The Relative Strength Index (RSI), a key technical indicator, has plummeted to 31.63 from 48.72 just a day prior. This dramatic decrease brings it closer to the oversold threshold, underscoring the intensifying bearish momentum. The RSI has remained below the neutral 50-mark for twelve consecutive days, signifying that bearish sentiment has been dominant during this time frame.

This persistent weakness indicates that sellers continue to dominate the market, and the recent decline may signify an intensification of the current downtrend. The RSI, which measures the speed and change of price movements on a scale of 0 to 100, typically suggests an asset is overbought when readings exceed 70, potentially warranting a correction, while values below 30 indicate oversold conditions that might lead to a rebound. At present, XCN's RSI of 31.63 places it slightly above the oversold region, implying a possible bounce, though such a move is not assured. Should bearish pressure persist and the RSI dip below 30, it could signal panic selling or capitulation.

Conversely, a swift recovery in the RSI above 40 might suggest diminishing selling pressure and early indications of a trend reversal.

The Average Directional Index (ADX) for Onyxcoin has surged to 24.17 from 12.86 within a single day, indicating a rapid escalation in trend strength. The ADX gauges the intensity of a trend, irrespective of its direction. This marked increase implies that the existing downtrend is gaining momentum.

Given XCN's already declining price, the heightened ADX reinforces the notion that bears are in firm control, and the downward momentum may persist in the near future. Operating on a scale from 0 to 100, the ADX readings below 20 usually denote a weak or nonexistent trend. Levels between 20 and 25 suggest a developing trend, while figures above 25 signify a robust, established trend. With XCN's current ADX at 24.17, it is on the cusp of this crucial threshold, suggesting that the downtrend is shifting towards a potentially stronger phase.

Should the ADX continue to climb above 25 while the price remains in decline, it would confirm that sellers are propelling a more forceful downturn, and any bullish reversal attempt would encounter formidable resistance.

The Exponential Moving Average (EMA) lines for Onyxcoin are presently arranged in a bearish configuration, implying that the downtrend may endure in the short term. If the bearish momentum persists, XCN could revisit the support level at $0.0083, a pivotal zone that previously served as a floor.

A breach beneath this level would likely expose the token to further declines, potentially pushing it to $0.0051, its lowest price since January 17. The current EMA structure highlights waning bullish pressure and rising susceptibility to additional selling.

Nevertheless, there remains a route to recovery if Onyxcoin can recapture the robust momentum it displayed at the close of January, when it was among the most discussed altcoins in the market. A reversal could propel XCN back to test the resistance at $0.014, and a successful break above that would indicate renewed bullish strength. Further upward movement by buyers could render price targets at $0.020 and even $0.026 relevant—levels not witnessed since mid-February.

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