Onyxcoin Slump Could Deepen as Holder Selling Threatens $0.0050

Onyxcoin is down nearly 2% over the past 24 hours and remains locked in a steep downtrend. Between January 6 and February 6, XCN lost close to two-thirds of its value. After a brief rebound from $0.0045 to $0.0059, the price weakened again and slipped below the lower boundary of a bear flag that had formed on the daily chart.

A bear flag—formed when a sharp decline is followed by a narrow rebound—typically signals continuation rather than recovery. With XCN already down around 65% from January levels, a failed flag can lead to a decline mirroring the initial drop, keeping downside risk elevated.

Whether the move reverses or confirms as a sustained breakdown now hinges on on-chain behavior. On-chain data shows long-term holders accelerating exits: Hodler Net Position Change moved from about -34 million XCN on February 6 to roughly -47.8 million XCN by February 9, a near 40% rise in net selling.

onyxcoin, xcn, bear flag, downtrend, on-chain, long-term holders, net selling, hodler net, $0.0050, rebound