The post Onyxcoin Price Eyes Breakout—XCN Holders Decide Its Fate appeared on BitcoinEthereumNews.com.

Onyxcoin (XCN) has struggled to recover over the past month, with the price now sitting at a critical support level.  The altcoin’s price has been stuck in a downtrend, but recent market conditions indicate that this could be the point of reversal. If investors choose to take action, XCN might see a price breakout soon. Onyxcoin Investors Are at a Loss The current MVRV Ratio for Onyxcoin is at -30%, indicating that investors who bought XCN in the past month are currently at a loss. While this signals a bearish outlook, it also presents a potential opportunity for future gains. The MVRV ratio between -10% and -30% typically forms an “opportunity zone,” suggesting that selling pressure tends to saturate at these levels. Historically, accumulation at these low prices has proven to be rewarding when the market turns bullish. If investors seize this opportunity and move to accumulate, they will help stabilize the price and trigger a future rally. This would allow investors to make significant gains when XCN’s price recovers. As the MVRV ratio remains in the opportunity zone, investors’ decision to act could shape the future of XCN’s price action. XCN MVRV Ratio. Source: Santiment In terms of macro momentum, the technical indicator MACD (Moving Average Convergence Divergence) shows promising signs that the bearish phase could be nearing its end. The MACD is close to signaling a bullish crossover, indicating a shift in market sentiment. With broader market cues showing signs of improvement, the transition to a bullish trend could be imminent for Onyxcoin. A bullish crossover on the MACD would provide a strong signal that the downtrend for XCN is coming to a close. This would encourage more buying activity, leading to upward price movement. However, for the crossover to occur, it is essential that broader market conditions remain…

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Filed under: News - @ February 26, 2025 9:26 pm