Onyxcoin Faces Death Cross Warning as Bearish Momentum Intensifies

Onyxcoin (XCN) has experienced a steep 15% decline over the past week, with technical indicators suggesting further downside. The MACD on the XCN/USD chart is nearing a death cross—a signal that typically indicates a shift from bullish to bearish momentum. This technical pattern, in conjunction with a slide towards the 20-day EMA, points to declining buyer strength and intensifying selling pressure. Analysts warn that if XCN fails to keep its price above the 20-day EMA, the downtrend could deepen substantially. On the other hand, a sudden surge in demand might break the bearish spell and potentially reverse the trend by pushing the price above key resistance levels. This analysis is grounded in data from TradingView and reflects the heightened risk of a prolonged downturn for the token.