After months of being stuck under a descending trendline, the price of Onyxcoin (XCN) may finally be approaching a breakout. Since the start of the year, XCN has seen heavy downward pressure, with each rally getting rejected at lower highs.
But the latest price action shows the coin pressing up against the same trendline that has been acting like a ceiling for several months. The tension is building, and a breakout might not be far away.
What you'll learn 👉
XCN Price Targets: $0.075 and Beyond?
CW has mapped out the key Fibonacci levels in his analysis. His first price target is $0.075, which corresponds to the 1.618 Fibonacci extension. The second, more ambitious target is set at $0.116, which lies at the 2.618 level. These targets are based on classic technical setups that traders use to estimate potential momentum moves after breakouts.
The chart also shows several smaller levels along the way that may act as interim resistance, including $0.031, $0.038, and $0.046. However, if XCN breaks above the descending trendline with strong volume, those barriers could fall quickly.
Read Also: HBAR Breaks Out Strong: Analyst Expects “Massive Bullish Wave” Ahead
XCN Rally History Gives Bulls Hope
What makes this setup even more interesting is XCN’s history of explosive moves. The coin has proven in the past that when it breaks out, it can rally fast and hard. That’s why CW is closely watching the current pattern and preparing for what he sees as a possible rally continuation in the coming weeks.
If XCN price clears the resistance line soon, it could mark the start of a new bullish phase for Onyxcoin. All eyes are now on whether that breakout confirmation arrives. Would you buy in before or after the breakout?
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