Onyxcoin’s 28% breakout faces doubt after long-term holders sell 25M XCN

Onyxcoin (XCN) has attempted a technical breakout after a short recovery, but two key metrics cast doubt on its sustainability, according to BeInCrypto. The report says long-term holders sold roughly 25 million XCN over the past 10 days and the Chaikin Money Flow has fallen below zero.

BeInCrypto’s analysis cites the HODLer Net Position Change to show steady distribution by long-term holders, a group that typically supports price stability. Their selling adds supply to the market and, the article says, signals weakening conviction behind the recent rally. The Chaikin Money Flow (CMF) reading dropped under the zero line over the past week, indicating that selling volume has outweighed buying pressure.

The report notes that negative CMF readings often precede failed breakouts because outflows reduce liquidity and demand. Technically, XCN is trying to break out of a descending wedge formed over the last three weeks, a pattern with a measured 28% upside to about $0.0088 if confirmed.

The token is trading near $0.0072, below the key $0.0077 resistance; failure to reclaim that level could push XCN toward $0.0062 or, in a deeper pullback, $0.0054. The article adds that flipping $0.0077 into reliable support would be required for the bullish scenario to play out, with a further push to $0.0100 invalidating the bearish thesis.

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