Onyxcoin’s Plunge: Whales Diving for Cover 🐳📉

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Onyxcoin (XCN) has suffered a rather dramatic downturn, with its price plummeting 34% in a mere week. Oh, the drama! 🙀

This precipitous drop has only exacerbated the woes of XCN holders, particularly as the big fish, known as whales, are making a hasty exit. Their massive sell-off has only added fuel to the fire, stirring up a storm of negativity around the coin. How quaint!

Onyxcoin Whales Are Cutting Their Losses

Whale addresses, those holding between 10 million and 100 million XCN, have offloaded over 50% of their holdings. This mass exodus has seen the amount of Onyxcoin held by these whales plummet from 1.24 billion XCN to a mere 603 million XCN, equivalent to a staggering 637 million XCN sold, worth a tidy $76 million. Such a significant sell-off from these market titans is a decidedly bearish omen, often leading retail investors to follow suit, fearing the worst. Oh, the humanity! 😱

As these whales lose faith in Onyxcoin’s potential for a comeback, their massive liquidation has sent ripples throughout the market. The sentiment surrounding XCN is likely to remain grim, potentially delaying any hopes of a price rebound. What a pickle! 🥒

The overall macro momentum of Onyxcoin is currently under severe pressure, largely due to the selling frenzy of whales and broader market conditions. The Relative Strength Index (RSI) has hit a 7-month low, signaling a peak in bearish momentum. This decline suggests that the cryptocurrency is in a precarious position, with further corrections on the horizon if the trend persists. How thrilling! 🎉

The RSI’s position indicates that Onyxcoin has not been this weak since August 2024. This makes it particularly challenging for XCN to break free from its downward spiral, as investor sentiment remains decidedly lackluster. Oh, the tragedy! 🎭

XCN Price Faces Further Decline

Onyxcoin has tumbled 34% over the last week and is currently trading at a paltry $0.0119. For the past month and a half, it has been stuck under the downtrend line, unable to break through the resistance level of $0.0127. Given the relentless downward pressure, it is unlikely to see an immediate rally, and the price could remain under this barrier for some time. How delightful! 🌸

If the bearish sentiment continues and the selling from whales intensifies, XCN could fall to $0.0100 or even lower, potentially reaching a lowly $0.0080. Such a decline would result in even greater losses for investors and deepen the negative market sentiment surrounding Onyxcoin. What a spectacle! 🎬

However, if Onyxcoin can reclaim the $0.0127 level as support, it could signal a potential reversal. Such a move would allow XCN to rally toward $0.0150 or higher, invalidating the current bearish outlook. A breakout above $0.0150 could send XCN soaring to $0.0182, restoring confidence among investors. How exciting! 🚀

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2025-03-11 13:41