Onyxcoin (XCN) has plunged by 15% in the past week and is poised to extend its decline as selloffs strengthen.
Adding to the bearish outlook, a key technical indicator is on the brink of forming a death cross, a signal that often precedes deeper price declines.
XCN At Risk of Sharp Decline
BeInCrypto’s assessment of the XCN/USD one-day chart reveals the potential formation of a death cross on its Moving Average Convergence Divergence (MACD).
This bearish pattern emerges when an asset’s MACD line crosses below the signal line, signaling a shift from bullish to bearish momentum. Such a pattern often precedes significant price drops, especially when accompanied by weakening volume and broader market uncertainty.
At press time, XCN’s MACD line is poised to cross below its signal line. If confirmed, the death cross would indicate intensifying selling pressure and signal the start of a prolonged downtrend.
Moreover, XCN’s double-digit decline over the past week has pushed its price towards its 20-day exponential moving average (EMA). This key moving average measures an asset’s average price over the past 20 days, giving more weight to recent prices.
XCN’s dip toward the 20-day EMA suggests that bulls are losing control, while sellers continue to dominate the market. If XCN’s price fails to hold above the key moving average, it may trigger a deeper correction.
XCN Bears Take Charge
XCN’s looming MACD death cross and its potential decline below the 20-day EM signals a strong shift toward bearish territory. These indicators suggest that bearish momentum is gaining traction, with buyers showing little strength to reverse the current downtrend.
If the decline continues, XCN’s price could fall to $0.0075.
On the other hand, a spike in new demand for XCN will invalidate this bearish outlook. In that case, the token’s price could reverse its ongoing decline, break above $0.0174, and climb to $0.023.
During a livestream hosted by the leading exchange HTX, Founder of TRON and Advisor to HTX, Justin Sun expressed confidence in the approval of the newly filed Canary Capital Group Staked TRX ETF, calling it a “non-replicable” opportunity for both investors and the broader crypto market.
The event, titled “TRX ETF is Coming? The First Altcoin ETF with Staking Rewards – Will It Spark a New Crypto Bull Run?”, featured @HTX_Molly and leading crypto influencers in discussion with Sun on the TRX ETF filing, the outlook for staking-based ETFs, and the path to regulatory compliance.
A First-of-Its-Kind ETF With Staking Rewards
The key differentiator of this TRX ETF application is its inclusion of a staking mechanism, which could provide investors with enhanced yield opportunities. Notably, the TRX ETF is among the few, out of all crypto ETFs with pending S-1 filings, to incorporate staking features.
While the application process for such ETFs is significantly more challenging than for spot ETFs – evidenced by the past failures of Staked ETH ETF applications – Justin Sun remains hopeful. He believes the SEC, under its new crypto-friendly Chairman Paul Atkins, is showing increased openness toward cryptocurrencies. Therefore, the TRX ETF application seeks immediate approval, aiming to be the groundbreaking cryptocurrency ETF to integrate staking. Its success, he asserts, would make its value “unreplicable.”
Sun: Market Is Undervaluing Approval Odds
“The market might be undervaluing the probability of the TRX ETF’s approval, a matter of which I am highly confident,” Justin Sun remarked. His confidence stems partly from his considerable experience with crypto ETF applications, including his involvement in securing approval for the initial Bitcoin futures ETFs and the subsequent Bitcoin spot ETFs. Furthermore, the TRX ETP’s successful listing and outperformance against Bitcoin and Ethereum equivalents in Europe provide a strong precedent.
Justin argues that the rarity of ETF applications reaching the S-1 filing stage indicates that approval for the TRX ETF may not be far off. He also noted that even if the SEC rejects the initial submission, the team will revise the S-1 document in accordance with the SEC’s recommendations and continue the application process.
TRX ETF Could Catalyze the Next Bull Market
Justin Sun suggests that the potential impact of TRX ETF approval is underestimated. “The approval of the Bitcoin spot ETF demonstrated that a few tens of billions of dollars in inflows could trigger a trillion-dollar market rally. This is a prime example of ‘confidence leverage.’ The TRX ETF’s approval could have a similar or even greater impact, potentially igniting the next bull run and attracting a new wave of institutional interest in crypto ETFs on Wall Street.”
Simultaneously, the ETF will facilitate RWA (Real-World Assets) growth. “The real breakthrough for RWA won’t just come from technological progress but from building a mutually beneficial ecosystem,” Justin explained. “Traditional institutions aren’t held back by technology. They’re limited by the absence of a clear mechanism to acquire public chain tokens and share in their appreciation. The ETF serves as the key to unlocking this – without it, large-scale institutional investment is unlikely, thus hindering the movement of trillions in assets onto the blockchain. The ETF isn’t just a price catalyst; it’s the decisive factor in the successful adoption of RWA.”
Looking ahead, Justin emphasized that this year will be pivotal for enhancing regulatory compliance and expanding collaborations within the U.S. market. “The TRX ETF application is just the beginning. TRON and HTX have significant developments planned for each subsequent quarter, with the necessary groundwork already underway.”
About HTX
Founded in 2013, HTX has evolved from a virtual asset exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, research, investments, incubation, and other businesses.
As a world-leading gateway to Web3, HTX harbors global capabilities that enable it to provide users with safe and reliable services. Adhering to the growth strategy of “Global Expansion, Thriving Ecosystem, Wealth Effect, Security & Compliance,” HTX is dedicated to providing quality services and values to virtual asset enthusiasts worldwide.
Ripple’s U.S. dollar-pegged stablecoin, RLUSD, has officially launched, sparking curiosity about which major exchanges will support it. While Ripple’s Senior…
Since the Pi Network mainnet launched on February 20, it has made headlines for its ambitious goals. Yet, it has also faced substantial criticism. The underwhelming price performance and lack of DApps, among other issues, have raised questions about Pi Network’s ability to meet the expectations of its reported 60 million users, referred to as Pioneers.
Below are five key areas of underperformance that emerged as focal points for observers in early 2025.
1. Pi Network’s Lack of Binance Listing
Pi Network’s community has been vocal in its push for a listing on major exchanges like Binance. In fact, 86% of participants voted to list Pi Coin (PI) in a February community vote.
Despite this show of support, Binance has not listed PI. On May 15, the exchange posted its logo on X (formerly Twitter) featuring several mathematical symbols, including π. The post sparked speculation among Pioneers, but no official listing announcement followed.
The absence of a listing has led to renewed scrutiny over Pi Network’s credibility. Notably, Binance applies a rigorous evaluation process before listing any asset.
The exchange considers user adoption, business model viability, relevance, tokenomics, technical security, team background, and compliance with regulatory standards. The decision not to list Pi Coin may indicate that the project has yet to meet one or more of these critical benchmarks.
“I now better understand why Pi is not listed on major exchanges such as Binance and Coinbase. It is likely that the Pi Core Team has not been transparent enough about the locking and burning mechanism involving the billions of Pi coins currently owned by the PCT,” Pioneer Dr. Altcoin posted on March 22.
Coinbase, another top exchange, has also refrained from listing Pi. This has further fueled disappointment among Pioneers about the token’s potential for mainstream adoption. Nonetheless, Pi Coin remains available for trading on HTX, Bitget, MEXC, and OKX.
2. Pi Coin Price Fails to Meet Expectations
Pioneers have been actively mining Pi Coin for around six years, anticipating major gains. Yet, its price was a major letdown for many. At launch, Pi Coin was listed on OKX with a floor price of just $2. This was way below its IOU trading value.
The underwhelming debut worsened as PI dipped below the $1 mark shortly after listing. Although the token rebounded to an all-time high of $3 in late February, the rally was short-lived. PI soon resumed its downtrend, falling below $1 again by late March.
Last week, the level was briefly reclaimed as support. Yet once more, PI failed to hold above it. These declines came despite some bullish catalysts.
The launch of the Pi Ventures Fund was followed by a sharp price drop rather than a recovery. Additionally, Pi Network founder Nicolas Kokkalis made a rare public appearance at Consensus 2025 on May 16.
Many hoped it would restore investor confidence. Instead, the token plunged. BeInCrypto data showed that PI dipped 42.6% over the past week. At press time, Pi Coin’s price was $0.7, down 3.1% over the past day.
While the official announcement outlines a funding pool of up to $100 million, Pi Network Foundation retains full discretion over the deployment of these funds.
“The Pi Foundation is not obligated to invest the entire $100 million, based on the quality of applicants and number of startups accepted into the initiative,” the blog read.
The initiative also allows for phased investments over time. Additionally, the Foundation can discontinue funding at any stage. This condition has not been well received by some in the community, who expected more immediate and guaranteed support for ecosystem development.
“The $100M promise investment will discontinue from time to time if they don’t see any investors coming or having no impact at all LOL,” a user wrote.
4. Pi Network’s Missing Decentralized Apps (dApps)
The concerns extend beyond the fund’s stability. Dr. Altcoin alleged that the team is using the fund to build DApps that should have already been completed.
He explained that one of Pi Network’s mainnet launch conditions was deploying 100 live dApps. As of May 2025, this promise remains unfulfilled, with most dApps still missing from the ecosystem.
“After 6 years of waiting, why isnt anyone asking the real question: Where are the 100 Dapps we were promised?” the analyst stated.
The shortfall has left many in the community questioning the network’s readiness and ability to support a functional ecosystem.
5. Pi Network’s Roadmap Issues
Another major concern is the lack of transparency. Pi Network unveiled a three-phase roadmap for its mainnet migration in April 2025, but the absence of specific timelines has frustrated users.
A report from BeInCrypto highlighted the community’s backlash, emphasizing that the roadmap did not include estimated dates or an audit process to address discrepancies in historical mining data. This has further deepened distrust in the project’s leadership.
That’s not all. Other issues, such as delays in KYC and challenges in migrating tokens to the Pi Network mainnet, have also been prevalent.
Thus, Pi Network’s first three months post-launch have been marked by unmet expectations and growing disillusionment among its Pioneers. As the network navigates these setbacks, its ability to deliver on its ambitious vision will be critical to restoring confidence in the months ahead.
