Onyxcoin (XCN) has experienced a significant downturn in recent weeks, with its price falling nearly 50% over the past month. 

Currently trading at $0.0090, the altcoin’s performance has sparked concerns among holders as it faces the possibility of a major bearish move, including a potential Death Cross.

Onyxcoin Investors Are Losing Profits

The MVRV Long/Short Difference, a key metric for understanding investor sentiment, has dropped to a 4-month low. This indicates that long-term holders (LTHs) are losing profitability, with the indicator barely above the zero line.

If this metric continues to decline and crosses into negative territory, it would suggest that short-term holders (STHs) are now the ones profiting, further fueling the bearish sentiment around Onyxcoin.

In addition, the decrease in the MVRV Long/Short Difference reflects the lack of confidence from LTHs, who have previously been the main supporters of the altcoin. As these holders become less profitable, the chances of selling pressure mounting increase, which could worsen the current downtrend.

Onyxcoin’s technical indicators are also signaling further challenges. The Exponential Moving Averages (EMAs) are nearing a Death Cross, a bearish event that occurs when the 200-day EMA crosses below the 50-day EMA. If the downtrend continues, the likelihood of this crossover becomes higher, which would indicate that selling pressure is dominating. 

A Death Cross is generally viewed as a signal for further price decline and a continuation of the bearish trend. The growing concern is that if the Death Cross is confirmed, Onyxcoin could face a significant correction, potentially dropping lower.

XCN Price Continues To Fall

Onyxcoin’s price is currently sitting at $0.0090, having experienced a significant 50% decline over the last month. If the downward momentum persists, XCN could fall to the $0.0083 support level, further extending its losses.

Given the current bearish indicators, it is more likely that XCN could test lower support levels, with a potential drop to $0.0070 if the $0.0083 support fails to hold. This would mark another leg down in the altcoin’s struggle to regain upward momentum. 

However, if Onyxcoin manages to reverse its trend and breach the $0.0100 barrier, it could potentially climb toward $0.0120, invalidating the bearish outlook.

This scenario would require significant buying pressure and a shift in investor sentiment, something that may become more plausible if the market conditions improve.

Ethereum’s transaction fees have dropped to their lowest point over four years, marking a significant shift in on-chain activity.

The decline comes as the network faces mounting challenges, including falling market performance and weakening fundamentals.

Ethereum Faces Declining Fees and Inflation Concerns

According to IntoTheBlock, Ethereum’s total transaction fees dropped by nearly 60% in Q1 2025, falling to roughly $208 million as of April 4. The firm noted that this was their lowest level since 2020.

“Total ETH fees decreased to their lowest level since 2020 this quarter, primarily driven by the gas limit increase and transactions moving to L2s,” IntoTheBlock stated.

Several factors have contributed to this decline. The biggest driver is the adoption of Layer-2 networks, especially Coinbase’s Base. Ethereum’s Dencun upgrade, which launched in March 2024, made transactions on these scaling layers much cheaper.

As a result, more users are bypassing Ethereum’s mainnet and shifting to faster, cost-effective alternatives. According to L2Beat, Base currently processes over 80 transactions per second, leading all other Layer-2 networks.

Despite the benefits of lower fees, Ethereum’s underlying metrics are showing signs of strain.

Michael Nadeau, founder of The DeFi Report, flagged a steep drop in ETH burn rates. He noted that ETH burned through major platforms like Uniswap, Tether, MetaMask, and 1inch, which collapsed by more than 95% since November 2024.

Nadeau explained that fading retail enthusiasm and the slower-than-expected scaling from L2s are contributing to Ethereum’s reduced deflationary pressure.

“ETH’s annualized inflation is now 0.75%. We should expect it to continue to rise, exceeding BTC inflation. We should also expect Ethereum’s fundamentals to continue to erode over the next year,” he added.

Meanwhile, the network’s financial performance reflects these concerns. ETH’s price fell over 45% in Q1 2025, marking its worst quarterly performance since 2022.

In comparison to Bitcoin, Ethereum has also underperformed, losing 39% of its value against BTC this year. That drop has pushed the ETH/BTC ratio to its lowest point in nearly five years.

Still, long-term investors are not backing down. IntoTheBlock pointed out that Ethereum whales accumulated over 130,000 ETH as the price dipped below $1,800—its lowest since November 2024—signaling strong buy-the-dip sentiment.

Beyond that, industry experts believe the upcoming Pectra upgrade, scheduled for May, could give the asset a fresh start.

According to them, Pectra can help restore confidence and drive renewed growth across the Ethereum ecosystem with its improved wallet functionality and user experience.

Pi Network has been the subject of investor frustration due to its delayed mainnet launch and lack of Binance listing. Amidst all this, the token recently hit a new low before recovering sharply. 

After a significant decline, the altcoin has surged by 36%, leaving investors to wonder if this marks the beginning of a reversal.

Pi Network Investors Are Optimistic

The Chaikin Money Flow (CMF) indicator is showing an uptick, signaling positive inflows into Pi Network at the time of writing. This shift suggests that investor confidence is returning, likely due to the altcoin hitting what seems to be its market bottom. With market conditions expected to improve, Pi Network appears to be positioned for a potential rally, with investors looking to capitalize on its current price.

Owing to the prolonged downtrend, these positive inflows indicate that market sentiment may be shifting. Investors who were previously hesitant may now be more willing to re-enter the market and seek profit.

Pi Network’s correlation with Bitcoin has also shown signs of improvement, with the current correlation at 0.24. Although still low, this improvement suggests that Pi Network may begin to follow Bitcoin’s price movements. If Bitcoin experiences a significant rally, Pi Network could follow suit, benefiting from the broader market’s bullish momentum.

This increasing correlation could be crucial for Pi Network, as it indicates a stronger alignment with the larger crypto market. If Bitcoin’s price begins to surge, Pi Network’s recovery could gain additional momentum.

PI Price Is Bouncing Back

Pi Network’s price fell to a new all-time low of $0.40 during an intra-day low, marking a significant dip for the token. However, it quickly recovered, posting a 36% gain and reaching an intra-day high of $0.71.

This price movement shows that the altcoin is capable of rapid reversals, but it remains to be seen if this momentum will continue.

Given the positive indicators, Pi Network may continue its upward trajectory, potentially reaching the $0.87 level and even $1.00. These price points would represent a substantial recovery from its recent lows and may help restore investor confidence in the altcoin’s long-term viability.

However, the key factor will be whether it can maintain its upward movement.

On the other hand, if bearish signals persist and Pi Network loses the support of $0.50, the altcoin may fall back to $0.40 or lower, invalidating the current bullish outlook. This scenario could bring further declines, extending the downtrend that investors have been watching closely.