Onyxcoin (XCN) has been struggling with a strong downtrend since January. The price keeps bouncing off the descending trendline on the 4-hour chart, showing consistent rejection.
Right now, XCN price is trading at about $0.013, which is slightly up by 0.84%, but still stuck below that troublesome trendline. We’ve been seeing lower highs and lower lows form in the price action, which only strengthens the bearish outlook.
What you'll learn 👉
Key Onyxcoin Resistance & Support Levels
The good news is that support around $0.011 has been tested a number of times since January but continues to hold firm. It has helped the price recover on a number of occasions.
Looking at key levels, resistance sits between $0.0135 and $0.014, right where that descending trendline is. If XCN manages a confirmed close above the trendline, we could see momentum shift toward the $0.016 to $0.018 range.
Yesterday’s candlestick showed indecision, suggesting bulls and bears are fighting for control at current levels. Trading volume has been low, indicating weak buying pressure, which makes a breakout uncertain for now. For any real upward movement, we’d need to see a high-volume push above the trendline.
Possible Scenarios for XCN Price Today
For today, two main scenarios seem possible. In the bullish case, if XCN breaks above the descending trendline ($0.0135-$0.014) with strong volume, we could see a move toward $0.016 or higher in the short term. This would need confirmation from a 4-hour or daily candle closing above the trendline.
Read Also: Pi Coin Price Prediction For Today (March 15)
In the bearish case, if the price gets rejected at the trendline again, XCN could fall back to lower prices. It could even resume its journey down to $0.11 again.
XCN price movement also correlates with Bitcoin. If Bitcoin stays stable or moves up, XCN has a better chance of breaking resistance. But if Bitcoin dips, XCN will likely follow suit and revisit lower support zones.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
