Onix Coin (XCN) is still in a downtrend, facing challenges moving back to an upward path due to investors’ exit. XCN lost a significant portion of its growth in January and struggles with reduced investor interest, making its recovery harder. Data shows Onix Coin’s network growth index has hit its lowest monthly level, indicating a decrease in new addresses. This trend reflects a decline in attracting new investors, limiting XCN’s ability to establish a stable upward trend. Additionally, the Chaikin Money Flow (CMF) indicator reveals a decrease in capital inflow to XCN, with investors exiting the market, potentially increasing selling pressure and reducing the likelihood of a strong comeback. If the capital outflow trend continues, XCN may remain in a downtrend for a longer period. Currently, Onix Coin is breaking out of a descending wedge pattern, indicating a potential 66% price growth. However, to achieve this scenario, the support level of $0.0237 must first be maintained. In case of improved market sentiment and increased demand, the price can surge up to $0.0358. If this support level is breached, a price drop to $0.0184 is possible, prolonging Onix Coin’s downtrend.
