XCN has prolonged its extended decline by one other day, slipping additional into bearish territory. It now trades at a two-month low of $0.0088.
With waning bullish stress and rising demand for brief positions, the altcoin stays weak to additional losses.
XCN Dips Amid Rising Pessimism
XCN’s severely adverse weighted sentiment since mid-February reinforces the insecurity in its worth restoration. As of this writing, the metric stands beneath zero at -0.031.
XCN Weighted Sentiment. Supply: Santiment
An asset’s weighted sentiment measures its general constructive or adverse bias, contemplating the quantity of social media mentions and the sentiment expressed in these mentions. When an asset’s weighted sentiment is above 1, it signifies that the general market sentiment in direction of the asset is favorable, with extra constructive than adverse opinions or discussions.
Conversely, as with XCN, when the metric’s worth is beneath 1, it’s a bearish sign. It signifies pessimism amongst buyers and alerts that they’re skeptical concerning the asset’s near-term outlook. This might immediate them to commerce much less, exacerbating the downward stress on the asset.
If this bearish sentiment strengthens, XCN might face even deeper declines within the days forward.
Additional, the token’s lengthy/quick ratio confirms this adverse outlook. At press time, it’s 0.95, reflecting the excessive demand for brief positions amongst XCN’s derivatives merchants.
XCN Lengthy/Brief Ratio. Supply: Coinglass
The lengthy/quick ratio measures the proportion of lengthy positions (bets on worth will increase) to quick positions (bets on worth declines) available in the market. A ratio beneath one like this implies there are extra quick positions than lengthy positions.
It signifies that merchants are predominantly bearish on XCN, rising the potential of a continued worth dip.
XCN Underneath Stress: Promoting Momentum May Push Worth to $0.0048
XCN has traded beneath a descending pattern line since January 26. At present buying and selling at $0.0088, the altcoin’s worth has since plunged by 78%.
With promoting stress gaining momentum, XCN might lengthen its decline. If demand stays scarce, the token’s worth might fall to $0.0075, a low it final reached on January 17. Ought to the bulls fail to carry to this help flooring, the token’s worth might dip additional to $0.0048.
XCN Worth Evaluation. Supply: TradingView
Alternatively, a bullish reversal within the present pattern might trigger XCN to climb towards $0.011.
