XCN holders have reason to be happy again since the Onyxcoin price pumped 20% today and is now trading around $0.025. So, where could be the XCN price headed from here? Crypto veteran Ali Martinez weighed in.
XCN’s price journey has been nothing short of dramatic. The coin went on an incredible run starting in late December 2024, shooting up by a massive 2,656% and reaching $0.047553. After this huge move up, the price took a breather and moved sideways for a while in what traders call a symmetrical triangle pattern. This wasn’t the end though – XCN pushed even higher afterward, touching $0.049343.
XCN Price Analysis
Right now, XCN is in what traders call a descending triangle pattern. In simple terms, this means the price is making lower highs while bouncing off the same support level repeatedly. The key level to watch is between $0.017 and $0.018 – this is where buyers have been stepping in to support the price.
#OnyxCoin $XCN has surged 2,656% since late December and is now consolidating within a descending triangle, potentially gearing up for the next leg up! pic.twitter.com/zSAbLnOK4K
— Ali (@ali_charts) February 12, 2025
If XCN can push above $0.026-$0.027, we might see another move up. If XCN breaks above its current pattern, it might aim for its previous high zone between $0.040 and $0.047. These price levels acted as strong resistance in the past and would likely be an important area to watch if the price moves up again.
However, if the XCN price drops below the support level, it could fall to $0.0139, which is another important support level based on Fibonacci analysis. For the really optimistic traders out there, some are looking at potential targets of $0.12, $0.19, and even $0.38 if a strong uptrend forms – though these are quite ambitious levels.
The trading volume has been getting lower and lower lately, which often happens right before a big move in either direction. Experienced traders usually wait for this big move to happen before making any decisions, as it helps confirm which way the price might go next.
Looking at the bigger picture, while Martinez seems optimistic about XCN’s prospects, it’s worth noting that descending triangles more often break to the downside than the upside. As always in crypto, anything can happen, and watching the key levels mentioned above will be crucial in the coming days.
Read also: Can Onyxcoin Secure a Binance Listing, and How Could It Affect XCN Price?
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