Onyxcoin Holders Sold in Panic, But Technical Charts Show Breakout Potential

Core Insights - Onyxcoin price has recently declined, raising concerns among short-term holders, but underlying signals suggest a potential accumulation opportunity rather than weakness [1][2] Investor Behavior - Investor sentiment has turned bearish, with exchange balances for Onyxcoin increasing by approximately 350 million XCN, valued at nearly $2 million, indicating growing sell intent [2] - A 12% decline in XCN price triggered panic among holders, leading many short-term participants to exit positions early, which added supply to the market and increased short-term volatility [3] Market Indicators - Despite visible selling, macro indicators like the MVRV Long/Short Difference are trending higher, suggesting improved conditions beneath the surface, as rising values indicate reduced profitability for short-term traders [4] - When short-term holders experience profit loss, selling pressure typically diminishes, leading to potential price stabilization and a clearer path for Onyxcoin's recovery once excess supply is absorbed [5] Price Analysis - Onyxcoin is currently trading near $0.0057, above the $0.0054 support level, which has held during recent volatility, and has formed a flag pattern that often signals continuation after consolidation [6] - The measured move from the flag pattern projects a potential 150% rally, targeting $0.0156 if the breakout fully develops, although this requires broader market support and sustained demand [7] - A more conservative outlook suggests that reclaiming $0.0077 would confirm bullish intent, with potential advancement toward $0.0095 and the psychological mark of $0.0100, which often triggers momentum-driven buying [8]