The price of Onyxcoin falls 14% after liquidations of 2 million dollars that affect XCN operators

• The MACD indicator shows a bearish crossing, confirming a trend change.
• The next important support is at $ 0.0165, at risk of greater losses.
• Recovery is possible if XCN recovers $ 0.0187 and tests $ 0.0214 again.

Onyxcoin (XCN) has registered a strong fall of almost 14% this week, indicating a sharp turn in the feeling of the market after the Altcoin failed to exceed a critical resistance level of $ 0.0214.

The failed attempt of rupture, along with a bearish technical signal, ended a six -week bullish trend for the Token.

At the time of writing this article, XCN is quoted at $ 0.0182, having fallen below the local support of $ 0.0187.

Fountain: Coinmarketcap

This weakness has triggered a liquidation waterfall, exerting even more pressure on the short -term perspectives of Onyxcoin.

The recent fall follows a period of relative optimism, during which XCN attracted a renewed attention of investors in a growing chain activity.

However, its inability to stay above key prices levels suggests a growing caution among operators.

The merchants were liquidated because XCN failed to keep the support

The change of impulse for XCN was first indicated by the MACD indicator (convergence and divergence of mobile socks), which registered a bearish crossing around 72 hours.

This reversal has been confirmed by real -time liquidation data, which show that long positions have been settled worth almost 2 million dollars.

That figure represents approximately 16% of the total open interest of $ 12 million for Onyxcoin.

These liquidations are significant given the market capitalization and the relatively low commercial volume of XCN compared to the main assets.

The size of the liquidations suggests that an important part of retail merchants were taken by surprise by sudden change, which intensified the negative feeling.

If the bearish conditions persist, new liquidations could push the token even below, since leverage operators rush out of their positions.

Technical levels indicate more falls for XCN

Now that XCN is quoted below the local support of $ 0.0187 and the key resistance level of $ 0.0214, the next main objective down is $ 0.0165.

This support level is crucial to avoid further losses. A decisive rupture below $ 0.0165 could cause a new wave of long positions liquidations, prolonging the current bearish trend.

The price drop occurs after two attempts in April to recover the resistance of $ 0.0214.

Both were rejected, confirming that the level is acting as a strong roof in the current market environment.

Until XCN can try again and overcome this brand, it is likely that the feeling remains bassist.

Recovery depends on recovering $ 0.0187

There is still a narrow path to recovery. If Onyxcoin manages to recover the level of $ 0.0187 as a support and consolidate above it, the token could try again to overcome the $ 0.0214 barrier.

A successful rupture above that level would invalidate the current bearish trend currently and potentially triggered a short -term bullish reversal.

However, the general feeling of the market will also influence. With Bitcoin and Ethereum showing consolidation signs and appetite due to the risk fluctuating among Altcoins investors, Onyxcoin may need anything more than technical support to achieve a rebound.

For now, traders are watching closely to see if the level of $ 0.0165 is maintained or if they are coming more falls.