Will Onyxcoin Price’s 28% Breakout Succeed? These Two Metrics Suggest No
BeInCrypto
Despite a recent 28% breakout attempt, Onyxcoin's price recovery faces headwinds from long-term holder selling and negative money flow indicators.Summary
Onyxcoin (XCN) has attempted a recovery and triggered a technical breakout, potentially targeting a 28% rise based on a descending wedge pattern. However, underlying metrics suggest this rally may fail. First, long-term holders have been distributing approximately 25 million XCN over the last ten days, indicating declining conviction. Second, the Chaikin Money Flow (CMF) indicator remains below zero, signaling that selling volume is outpacing buying pressure, which typically precedes failed breakouts. For the rally to sustain, XCN must reclaim the key resistance level of $0.0077; failure to do so could lead to a drop toward $0.0062 or lower.
(Source：BeInCrypto)