At first glance, Onyxcoin (XCN) price looks bearish on the daily chart and seems like it could go down. However, a broader perspective reveals a bullish structure that suggests further upside potential.
In a video by The BigBC Finance Channel, the analyst begins with enthusiasm, declaring it’s “XCN time” and sets out to analyze the current chart setup, provide a short-term price prediction, and outline targets for 2025. The 1-hour chart for XCN appears bearish due to recent downward price movement. However, zooming out shows a bullish structure, making the analyst “more bullish than ever.”
From the April lows, XCN more than doubled, hitting a peak of $0.027, nearly a 4x increase. Many holders from 2023–2024 are now in profit, and despite this significant rise, there hasn’t been a dramatic price drop. This suggests strong holding sentiment and a foundation for further gains.
The BigBC Finance Channel points out that after a major pump on April 9, XCN prices have remained stable despite low volume. Historical patterns from January and April indicate that such consolidation often precedes a breakout.
The analyst also discusses the dynamics of altcoin season, explaining that Bitcoin rallies first, followed by Ethereum, then large-cap coins like XRP, and finally altcoins like XCN. With Ethereum recently outperforming Bitcoin, this suggests that altcoin season is approaching.
Price Targets and Future Outlook
On the daily chart, a falling wedge pattern is forming with defined support and resistance levels. A breakout from this pattern could lead to a price target of $0.034, with resistance currently at $0.021. If prices rise past $0.021 in the coming days, a breakout could reach $0.034. This target is determined by measuring the wedge’s height and projecting from the breakout point.
The MACD analysis on both the daily and weekly charts shows a crossover is close. The last crossover led to a significant pump in early April, and a similar setup is forming now. On the weekly chart, the MACD is also nearing a crossover, which would be a strong bullish signal.
From January to April, the weekly chart was full of red candles. Currently, there is minimal selling pressure even at higher levels. Prices are ranging narrowly around $0.018, suggesting a breakout is more likely than a crash.
A larger bull flag pattern is forming on the charts. If it breaks upward, a longer-term target is $0.13, based on the measured move from the flag’s size. This equates to a 523% gain.
Using Fibonacci retracements from a January pump, the analyst identifies key price levels. If XCN passes $0.05, a key psychological and resistance level, the next targets are:
- 1.414 fib: approximately $0.13
- 1.618 fib: approximately $0.32–$0.33
The 1.414 fib also coincides with XCN’s all-time high, making it a strong resistance level where older holders may sell.
The BigBC Finance Channel tracks two indicators on CoinMarketCap:
- Fear and Greed Index: Currently at 71 (Greed)
- Altcoin Season Index: Recently rose from 12 to 36 (still early)
A rise above 75 in the Altcoin Season Index would strongly support a full altcoin rally.
Read Also: How High Can XRP Price Go This Cycle? Analysts Reveal Bold Targets
Recent U.S. inflation data came in lower than expected. This gives the Federal Reserve more justification to cut interest rates, which would inject liquidity into markets—a bullish macro sign for crypto.
Prices may range between $0.017 to $0.018 for a few more days. A breakout toward $0.02 could lead quickly to $0.034 and potentially set the path to $0.13.
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