The price of ONYXCOIN (XCN) rises 14% to $ 0.01945, but the negative financing rate indicates problems

• The key support level at $ 0.0182 is still at risk.
• A negative financing rate indicates an increase in short bets.
• The XCN futures financing rate has recently become negative, a sign that more operators are opening short positions.

Onyxcoin (XCN) is quoted at $ 0.01945 at the time of writing this article, which shows a 24 -hour gain of 14%.

But this rebound has not been enough to reactivate investors’ confidence in the medium -term perspectives of the Altcoin.

The broader cryptocurrency market has experienced some recovery, but XCN follows the edge of the knife, struggling to stay above the key level of $ 0.0182.

Fountain: Coinmarketcap

If this threshold is exceeded, the price could fall to 0.0150 dollars, a minimum of two weeks that runs the risk of intensifying the current bearish feeling.

The XCN futures financing rate has recently become negative, a sign that more operators are opening short positions.

This means that investors are betting on prices will continue to go down.

A negative financing rate generally reflects market pessimism, since short vendors pay a long -term sellers to maintain their positions.

Now that short contracts predominate, XCN seems to face a growing resistance from its own derivative market.

Momentum indicators show outputs

Chain metrics increase concern. The Chaikin Money Flow (CMF) indicator, which tracks the purchase and sale pressure by comparing accumulation and distribution over time, remains in negative territory.

While the CMF has shown a slight ascending slope, it has not yet crossed the zero threshold that normally indicates sustained entries to the asset.

This is crucial because a persistently negative CMF suggests that the exits are surpassing the tickets, indicating that the capital is leaving the XCN market.

Without a strong and constant purchase activity, it is unlikely that the Token experience a significant recovery.

At present, the Altcoin continues to be around a risk zone, with a bearish pressure that exceeds recovery attempts.

The resistance is $ 0.0237

If XCN manages to stabilize in or above the support level of $ 0.0182, the next resistance to consider is $ 0.0237.

Crossing this level could reverse the current feeling and invalidate the short -term bearish case.

However, it is unlikely that this type reversal without a broader support of the market or a catalyst that can attract capital again to the project.

Given the weak impulse and technical signals, the load falls on the external market forces to raise XCN beyond this resistance.

The participation of investors is still cautious, and many operators choose to expect a more forceful confirmation of the change in trend before reopening long positions.