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Onyxcoin (XCN) price up 14% to $0.01945, but negative funding rate signals trouble

  • Key support level at $0.0182 remains at risk.
  • Negative funding rate indicates rising short bets.
  • The funding rate for XCN futures has recently turned negative, a signal that more traders are opening short positions.

Onyxcoin (XCN) is trading at $0.01945 at the time of writing, showing a 24-hour gain of 14%.

But this uptick has not been enough to revive investor confidence in the altcoin’s medium-term outlook.

The broader crypto market has seen some recovery, but XCN remains on a knife’s edge, struggling to hold above the key support level of $0.0182.

Source: CoinMarketCap

If this threshold is breached, the price could fall to $0.0150 — a two-week low that risks intensifying the current bearish sentiment.

The funding rate for XCN futures has recently turned negative, a signal that more traders are opening short positions.

This means that investors are betting on further price declines.

A negative funding rate typically reflects market pessimism, as shorts pay a fee to longs to maintain their positions.

With short contracts now dominating, XCN appears to be facing growing resistance from its own derivatives market.

Momentum indicators show outflows

On-chain metrics are adding to concerns. The Chaikin Money Flow (CMF) indicator, which tracks buying and selling pressure by comparing accumulation and distribution over time, remains in negative territory.

While the CMF has shown a minor upward slope, it has yet to cross the zero threshold that typically signals sustained inflows into the asset.

This is crucial because a persistently negative CMF suggests outflows are outweighing inflows, indicating that capital is leaving the XCN market.

Without consistent and strong buying activity, the token is unlikely to see a meaningful recovery.

At present, the altcoin continues to hover in a risk zone, with bearish pressure overpowering attempts at a bounceback.

Resistance stands at $0.0237

If XCN manages to stabilise at or above the $0.0182 support level, the next resistance to watch is $0.0237.

Crossing this level could reverse the current sentiment and invalidate the near-term bearish case.

However, any such reversal is unlikely without broader support from the market or a catalyst that can draw capital back into the project.

Given the weak momentum and technical signals, the burden lies on external market forces to lift XCN past this resistance.

Investor participation remains cautious, with many traders opting to wait for stronger confirmation of trend reversal before re-entering long positions.

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Cardano price prediction: are ADA bulls about to reclaim $1?

  • Cardano price rose 11% as the broader cryptocurrency market flipped bullish.
  • ADA rallied as Bitcoin broke above $94k and top alts jumped.
  • The technical picture suggests bulls could eye $1 in the short term.

Cardano (ADA) price is up as most altcoins gain amid a broader cryptocurrency market uptick.

ADA price has joined other top alts in riding a wave of bullish momentum, with its value climbing to above $0.70.

On Wednesday, April 23, Cardano’s price recorded an 11% surge. Volume rose more than 75% to over $1 billion.

The technical outlook is promising, and on-chain metrics point to growing confidence among investors.

With positive funding rates and increasing bullish bets, the question is whether ADA bulls can push the price back to the psychologically significant $1 mark.

On-chain data and ADA price outlook

On-chain data reveals a strong bullish bias for Cardano, driven by whale activity.

Whales have added to their ADA holdings significantly in the past month.

Major cohorts now hold over 12.67 billion, an accumulation spree that has come amid the latest price dip.

As whales capitalize on lower prices, boosting investor confidence, Cardano looks poised to explode.

Further supporting this optimism is Coinglass’s ADA long-to-short ratio, which stands at 1.06.

This is Cardano’s highest long-to-short ratio in over a month.

A ratio above one signals that more traders are betting on price increases, reflecting bullish market sentiment.

Funding rates also signal growing bullish momentum.

ADA’s funding rate flipped positive and now sits at 0.0096%, the highest since February 22.

In the market, positive funding rates, where longs pay shorts, typically indicate bullish sentiment as more traders anticipate price gains.

This contrasts with a negative rate, which would suggest bearish expectations.

The current positive rate, combined with rising open interest, underscores the growing confidence in ADA’s potential for a price recovery.

Can ADA break the $1 barrier?

From a technical perspective, Cardano’s price action is encouraging.

After finding support at $0.50 on April 7, ADA rallied 21% over the next two weeks. It now trades above the key level of $0.67.

If bulls maintain this momentum and break above $0.71, ADA could target the weekly resistance at $0.75, with $1 as the next major milestone.

The Relative Strength Index (RSI) at 56, trending above the neutral 50 level, further supports this bullish outlook.

Cardano price chart by TradingView

However, risks remain. A daily candlestick close below Monday’s low of $0.61 would invalidate the bullish thesis, potentially driving ADA back to the $0.50 support level.

The combination of whale accumulation, positive funding rates, and strong technicals suggests Cardano bulls are gearing up for a run at $1, but traders should remain vigilant for any signs of reversal.

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