Onyxcoin (XCN) has been having a tough time shaking off a persistent price decline these last few months. Even though investors are hoping for the best, every attempt to climb upwards has unfortunately stalled.

It doesn’t help that the wider crypto market is still looking quite bearish, which is really weighing down Onyxcoin’s price and making it hard for any sort of recovery to take hold.

Onycoin Needs More Muscle

Right now, Onyxcoin’s NVT (Network Value to Transaction) ratio is at its highest point in four months. This is a bit of a red flag, showing that there’s a mismatch between how valuable the network seems to be and what the market thinks the asset is actually worth. When the NVT ratio is high, it usually means people are talking about the network, but actual transaction activity is weak.

This is generally seen as a negative sign because it suggests that the buzz around Onyxcoin might not be based on real users doing things with it or widespread adoption. So, it looks like the recent ups and downs in price are being driven more by speculation than genuine, organic growth, making it a real challenge for the coin to break away from its current slump.

Looking at the bigger picture, Onyxcoin’s overall momentum isn’t looking too good either. The Relative Strength Index (RSI) is currently below the neutral 50.0 mark, which is a heads-up that the cryptocurrency is in bearish territory.

This weak RSI reading has been around for a while now, reflecting a sense of pessimism from investors and a generally downbeat mood in the market. This negative momentum is likely to stick around, especially since the broader cryptocurrency market isn’t exactly booming, which only reinforces the downward pressure on XCN. The lack of positive energy in the larger market really hurts Onyxcoin’s chances of bouncing back.

XCN Price Needs To Make a Move

Onyxcoin is currently trading at $0.0122, just hanging on above a critical support level of $0.0120. For almost two months now, the coin has been stuck in a downtrend, and unless something big changes in the market, it’s expected to keep heading down.

The next important level of support for Onyxcoin is down at $0.0100. Considering all the bearish signals we’re seeing, it looks quite possible that the price will slide down to this level, continuing the current slide. If the wider market doesn’t start showing some positive vibes, Onyxcoin could potentially fall even further, maybe even testing lower support levels.

However, this gloomy outlook might change if Onyxcoin can somehow break through its downtrend line and climb past the $0.0150 mark. If it manages to turn this resistance into a new support level, it could signal a potential turnaround and possibly push the price up towards $0.0182 or even higher.