Onyxcoin price has declined in recent sessions, prompting concern among short-term holders. The drop appeared bearish on the surface, yet underlying signals tell a different story. Instead of confirming weakness, the pullback created a potential accumulation window. Many investors failed to recognize this shift and sold into declining prices.
Investor behavior turned sharply bearish over the past week. Exchange balances for Onyxcoin increased by roughly 350 million XCN during this period. At current prices, the inflow is valued at nearly $2 million. Such movements typically reflect growing sell intent rather than long-term positioning.
The selling followed a 12% decline in XCN price over several days. Rather than waiting for confirmation, many chose to exit positions early. This reaction added supply to the market and intensified short-term volatility.
This dynamic gives Onyxcoin a clearer path toward recovery once excess supply is absorbed. The price has formed a bullish flag pattern, and the measured move from the flag projects a potential 150% rally.
Onyxcoin is trading near $0.0057 at the time of writing and remains above the $0.0054 support level, which has held during recent volatility. Over the past month, XCN has formed a flag pattern, a setup that often signals continuation after consolidation. The bullish forecast envisions a move toward roughly $0.0156 if the breakout fully develops.
While the upside is contingent on broader market demand, a more conservative path points to nearer resistance levels. Reclaiming $0.0077 would confirm bullish intent and validate the breakout structure. From there, XCN could advance toward $0.0095, with $0.0100 as a psychological target.
Downside risk remains if sentiment deteriorates again. Failure to hold current levels could push XCN toward $0.0047, with a break below that support exposing the next target around $0.0041. Such moves would challenge the bullish thesis and delay any recovery attempt.
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