Onyxcoin had had trouble since he reached a summit for the start of the year 0.04 on January 26. He has since lost more than 70% of his value to be discussed at $ 0.011 at the time of the press.
However, the optimism renewed on the wider market of cryptography evolves the feeling towards XCN, preparing it for a recovery.
XCN merchants have betrays on a return
The chain data suggests that the demand for long positions increases, referring to a resurgence of traders’ confidence. At the time of the press, the long / short ratio of XCN is at 1.35, its higher in more than 30 days.
The long / short ratio measures the proportion of long positions (Paris on price increases) to short positions (Paris on price reductions) on the market. A report lower than one means that there are more short positions than long. Conversely, a ratio superior to what it is suggested that traders take longer positions, signaling an upward perspective on the asset.
When the ratio is so high, traders expect the price to increase, increasing purchase orders on the market. If this continues, it will increase XCN’s request and, therefore, its price.
In addition, the weighted feeling of the token is positive, further strengthening the idea than the confidence of investors in the short -term resumption of XCN increases. At the time of the press, this metric on a chain is 0.82.
The weighted feeling of an asset measures its positive or negative overall bias, given both the volume of social networks and the feeling expressed in these mentions.
When it’s positive, it’s a bullish signal. It indicates a positive growth in XCN, which could encourage its investors to increase their commercial activity, which increases its value.
XCN Bulls have a break above the descending channel
On the daily graphic, XCN is about to break above the higher trend line of the downhill canal which has maintained its price in a drop since January 26.
In case of success, the Haussier escape could propel the price of the token at $ 0.022, a top which he reached on February 18 for the last time.
If the downward trend persists, XCN could fall below the lower trend line of its downward channel which constitutes a support at $ 0.0085. In this scenario, its price could drop to $ 0.0075.
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