Altcoins News
By Julie Binoche
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Key Support Level at $0.0182 Under Threat. One of the most critical levels to monitor for Onyxcoin is its support at $0.0182.
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Negative Funding Rate and Rising Short Bets. A key issue facing Onyxcoin is the recent shift in its futures funding rate, which has turned…
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Weak On-Chain Metrics Add to Concerns. On-chain metrics are another area of concern for Onyxcoin holders.
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Resistance at $0.0237 and the Need for Stronger Market Sentiment. Although Onyxcoin is currently facing pressure from both the derivatives market and on-chain…
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Investor Caution and Market Sentiment. The overall sentiment among investors remains cautious.
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Conclusion. In conclusion, while Onyxcoin has shown a 14% price increase in the short term, the altcoin is…
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Onyxcoin (XCN) has seen a 14% increase in price over the last 24 hours, reaching $0.01945. While this uptick might seem like a positive development for the altcoin, the overall…
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One of the most critical levels to monitor for Onyxcoin is its support at $0.0182. This level has acted as a safety net for the altcoin, allowing it to avoid further price…
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Currently, with the negative funding rate, more traders are opening short positions on XCN, betting on further price drops.
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On-chain metrics are another area of concern for Onyxcoin holders. The Chaikin Money Flow (CMF) indicator, which is used to track buying and selling pressure by comparing…
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For Onyxcoin, a consistently negative CMF suggests that the altcoin could struggle to maintain its recent price uptick and may even experience a pullback if the selling pressure…
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Although Onyxcoin is currently facing pressure from both the derivatives market and on-chain metrics, it has managed to maintain a foothold above the $0.0182 support level.
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However, for Onyxcoin to break through this resistance and reverse the bearish sentiment, it will require more than just price action alone.
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The overall sentiment among investors remains cautious. Many traders are waiting for stronger confirmation of a trend reversal before re-entering long positions.
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Onyxcoin’s recent price gain, though impressive, faces significant headwinds from market dynamics.
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