Onyxcoin's Potential Surge: Technical Analysis Suggests 150% Upside

Onyxcoin's Price Decline: A Misleading Signal?

The recent dip in Onyxcoin's value has alarmed short-term investors, but deeper analysis suggests an opportunity for accumulation. Many investors have misinterpreted the market's signals, leading to premature selling.

Investor Sentiment Turns Bearish

Over the past week, Onyxcoin's exchange balances swelled by approximately 350 million XCN, translating to nearly $2 million at current prices. This shift typically signals increased sell-off intentions rather than long-term holding.

The selling spree was triggered by a 12% drop in XCN's price, sparking panic among investors, especially those holding short-term positions. This reaction has amplified market volatility.

Long-Term Indicators Show Promise

Despite the sell-off, macro indicators are turning favorable. The MVRV Long/Short Difference is on the rise, indicating a shift in profitability from short-term to long-term holders, potentially reducing immediate selling pressure.

As short-term profits diminish, the selling impulse often decreases, paving the way for price stabilization.

Onyxcoin's Bullish Outlook

Currently trading around $0.0057, Onyxcoin remains above its $0.0054 support level. A flag pattern has emerged over the past month, often a precursor to continued upward movement.

The pattern suggests a possible 150% rally, potentially elevating XCN to $0.0156 if broader market conditions support the breakout.

For a more cautious approach, reclaiming the $0.0077 resistance would confirm bullish momentum, with potential targets at $0.0095 and the psychological $0.0100 level.

However, should market sentiment deteriorate, a slip below current levels could push XCN down to $0.0047, with further decline exposing $0.0041 as a critical support.