Bullish momentum for Onyxoin ends after a 6-week run, possibly instigating long liquidations.
Onyxcoin Faces Brutal Selloff
It's been a tough week for Onyxcoin (XCN) enthusiasts as this altcoin has shed 14% of its value, plummeting from its previous price of $0.0214. This downturn occurred after a failed attempt to breach the critical resistance level, leaving traders high and dry.
This sharp decline marks the end of a six-week bull run, with bears now flexing their muscles and paving the way for potential further declines.
Onyxcoin's Market Mood Shifts from Bullish to Bearish
The overall market sentiment towards Onyxcoin appears to be transitioning from a bullish to a bearish outlook. For example, the MACD (Moving Average Convergence Divergence) indicator, previously displaying positive momentum, has recently registered a bearish crossover. This stark shift suggests that the six-week bull run for XCN has come to an end, and more declines could be on the horizon.
Traders Feel the Heat as Onyxcoin Sinks
The anti-poor sentiment is evident as the liquidation map reveals that anxious Onyxcoin traders are staring down the barrel of a $2 million long liquidation disaster. Representing 16% of the total open interest of $12 million, this wave of liquidation could further exacerbate the already bearish market conditions, making it even tougher for XCN to recover.
Onyxcoin at the Mercy of Market Forces
As of now, Onyxcoin trades at a painful $0.0183, a staggering 14% drop this week. The repeated failure to break through the $0.0214 resistance and sink beneath the local resistance of $0.0187 has left the door wide open for further declines.
The next major support for Onyxcoin is anticipated at $0.0165. If the price continues its descent, this support level might not hold, potentially setting off a chain reaction of additional liquidations and plummeting Onyxcoin's value even further.
But there's a glimmer of hope. If Onyxcoin can somehow cling onto the $0.0187 support and mount a recovery, it may get another shot at the $0.0214 resistance level. A triumphant breakthrough could invalidate the bearish outlook for Onyxcoin.
Dive into the world of trading with Uphold, eToro, Plus500, Coinbase, and Moonacy. Don't forget to exercise patience, make careful investment decisions, and arm yourself with knowledge before jumping into the deep end. And remember, this is not financial advice. Always do your own research and consult with a financial advisor before making investment decisions.
Sources:
- Investopedia
- CoinPaprika
- CoinMarketCap
- CoinGecko
- NewsBTC
Disclaimer:
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- Despite the brutal selloff, there's a possibility that Onyxcoin (XCN) could recover and challenge the $0.0214 resistance again, potentially signaling a change in market sentiment.
- The recent bearish crossover of the MACD indicator indicates a shift in the market's perception towards Onyxcoin, moving from a bullish to a bearish outlook.
- Investing in cryptocurrencies like Onyxcoin involves risk, as the market is influenced by factors such as technology, finance, and the behavior of traders.
- The ongoing selloff has left Onyxcoin trading at $0.0183, teetering precariously close to the next major support at $0.0165, which might not hold if the price continues to fall.
- The liquidation map shows anxious Onyxcoin traders facing a potential $2 million long liquidation disaster, adding to the downward pressure on the price.
- Investors looking to trade Onyxcoin or other altcoins can consider platforms like Uphold, eToro, Plus500, Coinbase, and Moonacy, after thoroughly researching and understanding the risks involved.
- The fall in Onyxcoin's price follows the end of a six-week long bull run, a period during which the token's value increased significantly, demonstrating the volatile nature of the cryptocurrency market.
