Onyxcoin (XCN) has seen a notable decline this week, experiencing a 14% decrease in value after failing to surpass a crucial resistance level. The altcoin had aimed to突破$0.0214 but encountered rejection, resulting in further losses for traders. This marks the conclusion of a six-week bullish trend, with indications suggesting that further declines are probable as market sentiment shifts towards bearishness.

From a macro perspective, the overall momentum for Onyxcoin has transitioned from bullish to bearish. The Moving Average Convergence Divergence (MACD) indicator, which previously displayed positive momentum, recently showed a bearish crossover. This shift happened roughly 72 hours ago, indicating that the prolonged bullish phase for XCN has concluded. Consequently, Onyxcoin may continue to experience price decreases, with the subsequent major support level anticipated to be tested soon.

Traders are now contending with significant losses as bearish momentum gains traction. The liquidation map indicates that Onyxcoin traders are facing $2 million worth of long liquidations, equivalent to 16% of the total open interest of $12 million. Although this figure might not appear significant within the broader market context, the liquidation of these positions could further incline sentiment towards a more bearish outlook for XCN.

As more traders encounter liquidation, the negative sentiment may intensify, complicating Onyxcoin's ability to rebound. The cascading effect of these liquidations might generate additional selling pressure, exacerbating the decline. Currently, XCN is down almost 14% this week, trading at $0.0183. The altcoin was unable to surpass the $0.0214 resistance for the second time this month, leading to a drop beneath the local resistance of $0.0187.

The inability to break through key resistance levels has created opportunities for further downside, rendering the price vulnerable to additional declines. The next significant support for Onyxcoin lies at $0.0165. Should the price continue to fall, this support level is expected to be tested. A breakdown below $0.0165 could trigger further long liquidations, potentially driving Onyxcoin to even lower levels. The current market conditions imply that additional losses are likely if the altcoin fails to stabilize above this critical level.

Nevertheless, if XCN can reclaim $0.0187 as support, it might signal a possible recovery. A successful bounce from this support would enable the altcoin to reassess the $0.0214 resistance, and a breakthrough above this level would negate the bearish thesis.

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