From Panic to Pump? Onyxcoin’s XCN Price Might Be Closer to Reversal Than You Think

An extremely rough month for the XCN price is now behind us as Onyxcoin’s token lost around 40% of its value.

Current price at around $0.0089 is actually over 70% down from the January peak at around $0.036. Where could the XCN price be headed in April? Crypto YouTuber ‘C-Zar’ who has over 34k subscribers weighed in.

Onyxcoin Chart: Technical Analysis Shows Warning Signs

XCN didn’t bounce up as traders hoped it would. It fell to the 0.786 Fibonacci level instead of holding at the 0.618 level. This is odd because in the past, the XCN price would usually move up from this point. This break from the usual pattern is a warning sign.

Interestingly, despite the price dropping, volume hasn’t increased in a typically bearish fashion. This could indicate accumulation is taking place, with larger players quietly buying at these lower prices. The question remains whether this represents a bottoming phase or simply the calm before a deeper price drop.

Key XCN Price Levels to Watch

For those concerned about further downside, C-Zar identifies several important support and resistance zones. A close below $0.00874 on the 4-hour chart would confirm further downside potential, with the next likely targets between $0.00792 and $0.00725. However, if a candle closes below $0.00874 but quickly reverses, it could simply be a fakeout rather than a true breakdown.

On the recovery side, potential bounce zones exist between $0.0115 and $0.015. From these levels, a 57% to 100% rally is possible based on historical patterns. Once XCN breaks above key Fibonacci levels like the 0.236 and 0.382, it would signal the end of the current downtrend. For context, historical moves show XCN has rallied from similar low points to nearly $0.05 in under two weeks.

The market resolution may come within the next 24-36 hours according to the analysis, potentially influenced by Bitcoin movements or broader economic indicators. C-Zar expects a bounce and rapid recovery once the bottom is found.

Despite the short-term volatility, C-Zar maintains a bullish long-term thesis for XCN. His personal strategy involves not selling any XCN until it rises above $0.20, with the possibility of taking small profits at around $0.14.

The ultimate belief expressed in the analysis is that XCN could reach well over $0.20, with potential targets of $1, $1.80, or even $2.42 during this bull cycle. For long-term holders, the analysis suggests avoiding short-term trades for tax reasons and holding through the volatility if aiming for the $1+ range.

C-Zar thinks XCN will soon recover quickly. After that, he expects the price to level off before climbing again. This bigger price move might start in late April or early May. He suggests taking some profits as the price rises but keeping most holdings for higher potential targets.

Read also: We Asked AI to Predict Onyxcoin (XCN) Price in April

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

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
Active user community and social features like news feeds, chats for specific coins available for trading.
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.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!

CaptainAltcoin
Logo