Onyxcoin (XCN) is facing intensified selling pressure as large-scale investors, commonly referred to as whales, continue offloading their holdings. This exodus has worsened the outlook for XCN, fueling negative sentiment and dampening investor confidence.
Onyxcoin Whales Offload Over 50% of Holdings
Whale addresses holding between 10 million and 100 million XCN have significantly reduced their positions, shedding more than half of their holdings. This sell-off saw a staggering 637 million XCN offloaded, bringing their total holdings down from 1.24 billion to 603 million XCN. The liquidation, valued at approximately $76 million, has exerted immense downward pressure on XCN’s price.
Large-scale sell-offs by influential investors are typically seen as a bearish signal, often triggering panic among retail traders. As a result, the market has struggled to find stability, with sentiment around XCN remaining predominantly negative.
Technical Indicators Signal Further Weakness
The broader market momentum for Onyxcoin remains bleak, exacerbated by the ongoing whale exodus. The Relative Strength Index (RSI) has dropped to its lowest level in seven months, indicating strong bearish momentum. The last time XCN’s RSI was this low was in August 2024, highlighting the severity of the current downtrend.
With investor confidence at a low, XCN remains vulnerable to further declines. The coin has already fallen 34% in the past week, now trading at $0.0119. Over the last month and a half, it has failed to break past the resistance level of $0.0127, struggling to escape its prolonged downtrend.
Will XCN Recover or Decline Further?
If bearish sentiment persists and whale sell-offs intensify, Onyxcoin could drop further, potentially testing support at $0.0100 or even falling to $0.0080. Such a move would deepen investor losses and extend market pessimism.
However, a reversal could occur if XCN manages to reclaim the $0.0127 level as support. A successful breakout above $0.0150 could shift sentiment, pushing the price toward $0.0182 and restoring confidence.
Also Read: Ethereum Crashes 15% to $2,000 as Whale Sell-Offs Wipe Out Gains – Is $1,900 Next?
For now, Onyxcoin remains in a precarious position, with its future hinging on market sentiment and whale activity. Investors should tread cautiously as further volatility looms.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
