Market Data 
Onyxcoin (XCN) experienced an impressive rally earlier this month but has struggled to recover from subsequent declines. Despite initial optimism, the altcoin has failed to regain its momentum, leaving XCN holders increasingly impatient.
As the market sentiment turns uncertain, XCN enthusiasts are questioning the potential for a price uptrend.
Onyxcoin Investors Are Uncertain Of Returns
The current market sentiment for Onyxcoin is largely negative, as reflected in its funding rate. The negative funding rate indicates that more traders are betting against the coin by placing short contracts in the futures market.
This growing dominance of short positions signals skepticism among investors, who are primarily aiming to profit from a potential price drop rather than expecting upward movement. The market is currently more inclined toward caution, and the lack of confidence in a price uptrend has led to increased bearish sentiment among traders.
XCN Funding Rate. Source: Coinglass
Onyxcoin’s macro momentum also presents challenges for investors. The Chaikin Money Flow (CMF) indicator, which measures the volume-weighted average of accumulation and distribution, is currently in negative territory, signaling that outflows are still dominating the market. Although the CMF is slightly rising, it has not been able to sustain any meaningful upward movement. This continued dominance of outflows suggests that XCN is still struggling to maintain bullish momentum.
Until the CMF consistently rises above the zero line, the overall sentiment remains cautious. This inability to gain traction could hinder XCN’s potential to break past key resistance levels, leaving the altcoin vulnerable to further declines.
XCN CMF. Source: TradingView
XCN Price Needs A Boost
XCN price is currently trading at $0.0186, showing a modest 11% increase over the last 24 hours. While the broader crypto market has experienced an uptick, XCN may struggle to hold above its support at $0.0182.
If the altcoin fails to maintain this level, a drop to $0.0150 is likely, marking a two-week low for the token. This would wipe out the recent gains and could trigger further selling as investors look to minimize their losses.
XCN Price Analysis. Source: TradingView
On the other hand, if XCN successfully secures $0.0182 as a support floor, it could signal a potential recovery. In this scenario, the altcoin might rise to $0.0237, invalidating the bearish outlook and providing an opportunity for further gains. However, this will require stronger investor confidence and broader market support.
