Onyxcoin has fallen in recent sessions as roughly 350 million XCN moved onto exchanges, triggering panic selling among short-term holders.
The surge in exchange balances, valued at nearly $2 million, followed a 12% price decline and reflects growing sell intent rather than long-term positioning.
Despite the sell-off, on-chain data shows the MVRV long/short difference trending higher, suggesting short-term selling pressure may be close to exhaustion.
As profitability for short-term traders declines, their incentive to continue selling typically weakens, increasing the chances of price stabilisation.
XCN is trading near $0.0057 and remains above the $0.0054 support level, while technical charts show a flag pattern forming over the past month.
The measured move from this pattern implies a potential 150% upside toward $0.0156 if a breakout confirms, with nearer resistance at $0.0077 and $0.0095.
Failure to hold current support could invalidate the bullish setup and push XCN toward $0.0047 or lower, delaying any recovery attempt.
At the time of reporting, Onyxcoin price was $0.005654.