Onyxcoin (XCN) continues its downward slide, with metrics showing a 40% increase in outflows from long-term holders. The downward pressure remains, and its price is currently hovering around $0.005098–$0.00523475.
On-chain indicators reflect a clear deterioration in the holding structure of Oxyxcoin (XCN). The Hodler Net Position Change expanded from approximately 34 million to nearly 47.8 million XCN between February 6 and 9, representing an almost 40% increase in net selling by long-term holders.
This movement coincided with an increase in exchange balances, signaling that more supply became available to enter the market. In practice, this weakens the convexity for buy orders and increases operational risk for liquidity providers, as small variations in demand can generate sharper price movements.
Whale activity added nuance but did not change the overall trend. While some large addresses accumulated sporadically in early February, total holdings fell sharply after February 6 and subsequently showed only a marginal recovery.
Why is Oxyxcoin still falling?
From a technical analysis perspective, the price structure reinforces the bearish interpretation. XCN broke down from a daily bearish flag pattern, a continuation pattern that historically maintains a high risk of further downward movement. Momentum and trend indicators support this signal, showing a market dominated by sellers.
Cost maps place the last relevant cluster of demand around $0.0050, a level where approximately 3.9 billion XCN are concentrated. Intermediate support levels have already given way, and a sustained break below this zone would increase the likelihood of a rapid move toward deeper targets as liquidity decreases.
To stabilize the price in the short term, XCN needs to reclaim at least the $0.0057 zone. However, a more solid invalidation of the bearish structure would only come with a decisive move above significantly higher levels, something that currently lacks support in terms of volume and on-chain positioning.
