Onyxcoin (XCN) has extended its losing streak, plunging another 22% in the last 24 hours. It now trades at a 30-day low of $0.015.

With a growing bearish bias toward the altcoin, its price may continue to drop. This analysis explains why. 

Onyxcoin Traders Remain Bearish

XCN’s persistent negative funding rate is a major indicator of the bearish bias against it. According to Coinglass, the altcoin’s funding rate has been predominantly negative since December 9. At press time, this stands at -0.17%. 

The funding rate is a periodic fee exchanged between long and short traders in perpetual futures contracts to keep prices aligned with the spot market. When it is negative, short traders are paying long traders. This indicates that most XCN traders are bearish and expect further price declines.

In addition, XCN’s open interest has been in a downward trend, highlighting the poor demand for the altcoin among market participants. Per Coinglass data, as of this writing, it stands at $6 million, marking its lowest level in 30 days.

An asset’s open interest measures the total number of its outstanding derivative contracts, such as futures or options, that have not been settled. When it falls alongside the asset’s price, as in XCN’s case, it indicates weakening market participation, with traders closing their positions rather than opening new ones.

This indicates that XCN’s price decline is driven by liquidation or profit-taking rather than fresh short-selling, reducing the likelihood of a sharp short-term rebound.

Bearish Clouds Loom Over XCN

On the daily chart, XCN trades below the Leading Spans A and B of its Ichimoku Cloud indicator. This momentum indicator measures an asset’s market trends and identifies potential support/resistance levels. When an asset falls below this cloud, the market is in a downtrend. 

In this case, the cloud acts as a dynamic resistance level for XCN. It confirms the likelihood of its continued price decline as long as the price remains below the cloud and demand continues to drop. If this trend persists, XCN’s value could dip to $0.011.

On the other hand, if buying activity resumes, XCN’s value could rocket to $0.022.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Pi Coin has faced a tumultuous period following its mainnet launch last week. After the launch, the altcoin suffered a massive crash, losing 99% of its value in just four days. 

While it has shown signs of recovery, the damage remains significant, and the token still struggles to regain lost ground.

Pi Coin Has Some Challenges Ahead

The Chaikin Money Flow (CMF) indicator has shown a dramatic fluctuation in Pi Coin’s market sentiment over the past week. Investors sold heavily following the mainnet launch, causing the CMF to drop. However, others took advantage of the low prices, causing a sharp spike in inflows.

This is evident in the spike in the indicator. Despite these inflows, a true bullish confirmation will occur when the CMF crosses the zero line, signaling sustained positive momentum and investor confidence in Pi Coin’s recovery.

Pi Coin’s recovery is still in its early stages, with the market sentiment showing mixed signals. The volume of inflows indicates some investors believe in the altcoin’s potential, but the indicator’s failure to consistently stay above the zero line suggests that the bullish momentum is not yet fully established. The token will need to see consistent buying pressure for the price to build momentum and for investor confidence to stabilize.

Pi Coin is also facing strong macro headwinds in the form of a bearish crossover. The Moving Average Convergence Divergence (MACD) has been observing a bearish crossover over the past 36 hours, which typically signals that further downward price action is likely. 

The market is under pressure, and Pi Coin’s price action reflects these broader trends. However, if the gradual recovery remains persistent and Pi Coin manages to generate a stronger interest among investors to boost the inflows, the altcoin could witness a bullish crossover. This would signal potential recovery ahead, confirmed by the bars on the histogram flipping above the neutral line.

Pi Coin Price Recovery May Take A While

At the time of writing, Pi Coin is trading at $1.56 after a 116% bounce over the weekend. Despite this brief recovery, the prevailing bearish signals point to the possibility of further decline. While the altcoin did chart an all-time high (ATH) of $1.72, it is closer to the support of $1.43.

Given the current market outlook and the technical indicators, it is likely to fall through this support soon and slip towards the support of $1.19. If not, the altcoin could continue to consolidate under $1.72, facing persistent downward pressure from both the bearish crossover and broader market negativity.

For Pi Coin to actually break out, it would need stronger support from the investors, a breach of the $1.72 barrier, a move to $2.00 and higher, and continued formation of new ATHs. This would be a significant turnaround and invalidate the current bearish outlook.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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The crypto market is no stranger to turbulence, and Chainlink (LINK) is currently caught in the eye of the storm. As bearish forces tighten their grip, prices are perilously close to testing the crucial $12.5 support level a threshold that could determine its fate in the coming days. Several factors like mounting selling pressure and broader market weakness threaten to derail its recovery prospects.

LINK’s recent downturn comes after a period of consolidation, during which the asset struggled to gain upward momentum. Now, with the price breaking down and eyeing the $12.5 support, the stakes have never been higher. For investors, this level represents a critical battleground that could serve as a springboard for a rebound or further losses.

Market Pressure Mounts: Can LINK Avoid A Breakdown?

Chainlink’s price action tells a concerning story. After a period of consolidation, LINK has broken out of its range to the downside, signaling a shift in market sentiment. The token is now hovering near the $12.5 support level, a critical zone that has historically acted as a range for recoveries. However, the current breakdown suggests that this level may not hold, especially in the face of relentless selling pressure.

One of the key concerns is the weakening market structure, as LINK has been consistently trading below key moving averages, particularly the 100-day Simple Moving Average (SMA). This indicates a growing bearish dominance, making it more difficult for bulls to stage a meaningful recovery. 

Moreover, trading volume has surged significantly during periods of price decline, indicating intensified selling pressure. Notably, the volume has spiked by over 200%, pushing the total cryptocurrency trading activity beyond the $1 billion mark. This sharp increase in volume during a downturn further underscores the dominance of sellers in the market, reinforcing bearish momentum.  

Finally, the emergence of the Market Structure Break and Order Block indicator implies a critical shift in trend dynamics. In other words, the market structure has transitioned from a bullish phase to a bearish one. A break in market structure often indicates weakening buyer control, allowing sellers to gain the upper hand. 

A Defining Moment For Chainlink

Chainlink finds itself at a defining moment, with the $12.5 support level serving as the last line of defense against a deeper correction. While the bearish signals are hard to ignore, the token’s strong fundamentals and resilience offer a glimmer of hope. Whether LINK can avoid a breakdown will depend on its ability to hold this key level and attract renewed buying interest in the face of mounting market pressure.

Should the $12.5 support fail to hold, the altcoin might be vulnerable to further declines, triggering a deeper correction to other support levels such as $11.1. However, if bulls step in to defend this level, the likelihood of a rebound increases, providing the token a chance to regain lost ground. 

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