![Onyxcoin [XCN]](https://chainaffairs.com/wp-content/uploads/2025/01/onyxcoin-xcn-coin-stacks-cryptocurrency-3d-render-illustration-free-png.webp)
According to a recent technical analysis by BeInCrypto, XCN is on the verge of forming a death cross on its daily MACD (Moving Average Convergence Divergence) chart—a move that typically signals a shift from bullish to bearish momentum. This formation occurs when the MACD line crosses below the signal line, often preceding deeper declines, particularly when combined with reduced trading volume and broader market uncertainty.
At press time, the MACD crossover has not been confirmed, but the narrowing gap between the two lines suggests that a death cross is imminent. If validated, it would confirm intensifying selling pressure and likely mark the beginning of a prolonged downtrend for XCN.
Further compounding the bearish sentiment is XCN’s recent double-digit drop, which has dragged its price down toward its 20-day exponential moving average (EMA). This moving average gives more weight to recent prices and serves as a key support level. A break below the 20-day EMA would indicate a loss of short-term bullish support and could open the door for a sharper correction.
Bears in Control as Bulls Retreat
The technical setup leaves little room for optimism, as both the impending MACD death cross and the potential breakdown below the 20-day EMA point to growing dominance by the bears. Unless buying pressure picks up significantly, analysts warn that XCN could drop further, possibly reaching the $0.0075 support level.
However, a sudden surge in demand could invalidate this bearish narrative. If bulls regain momentum and push the price above $0.0174, XCN may recover toward $0.023 in the short term.
For now, all eyes remain on the MACD indicator and XCN’s ability to hold above the 20-day EMA—a crucial battleground that may determine the token’s next big move.
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 Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Onyxcoin (XCN) Faces Critical Resistance After 141% Rally
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