Onyxcoin Holders Sold in Panic, But Technical Charts Show Breakout Potential
Despite panic selling by short-term holders, Onyxcoin's technical indicators suggest potential for a significant breakout rally.Summary
Onyxcoin (XCN) experienced a recent price decline, causing short-term holders to panic and increase exchange balances by about $2 million worth of XCN, suggesting bearish intent. However, underlying technical metrics, such as the MVRV Long/Short Difference trending higher, indicate that short-term traders are losing profitability, which often precedes a fading of selling pressure and market stabilization. Currently trading near $0.0057, XCN is holding above the $0.0054 support level and has formed a bullish flag pattern. The measured move from this pattern projects a potential 150% rally toward $0.0156, though nearer resistance at $0.0077 and $0.0095 must be cleared first. A failure to hold support at $0.0047 would invalidate this bullish outlook.
(Source：BeInCrypto)