Onyxcoin (XCN) has attracted interest after a huge monthly surge, despite experiencing a short-term pullback. The token declined in the last 24 hours, yet analysts see this as a potential buying opportunity.
Over the past month, XCN recorded a 1,600% gain, fueling speculation about its long-term trajectory. Crypto analyst Ahmed from the YouTube channel YourPOP described the market sentiment as “extremely bullish” heading into February.
Market participants and analysts are monitoring a possible rally toward the $1 mark. “Analysts and people alike are trying to shoot for this $1 XCN token, and I don’t think it’s off the table,” Ahmed stated, citing broader market trends.
While optimistic about XCN’s potential, he personally set a lower exit target, advocating for a more conservative approach. The token has room for a 30-40X increase, especially with bullish catalysts still unfolding.
Historical trends further support this outlook, as XCN recently broke through a 640-day resistance trend, signaling a market shift. The token’s 1,500% rally in January pushed prices to their highest levels in nearly three years. XCN previously hit an all-time high of $0.18 in 2022, and Ahmed believes the token could surpass that range if momentum continues.
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Upcoming Onyxcoin Developments Could Drive Major Price Action
Onyxcoin’s roadmap includes major developments that could further impact its valuation. The Onyx team announced that the Open Index Protocol (OIP) is scheduled for launch on February 1.
Additionally, Onyx resolved issues with Huobi and Tron’s Justin Sun, leading to the introduction of XCN staking. Ahmed also highlighted the potential significance of the upcoming Onyx XCN Ledger, comparing it to XRP’s ledger launch.
“This here could be massive… we saw what happened when XRP Ripple Labs announced their ledger,” he noted. Institutional interest is also growing, with XCN securing a listing on Kraken and futures trading with 20X leverage.
XCN Price Corrections: Key Support Levels and Ideal Entry Points
Despite its parabolic growth, XCN remains susceptible to short-term corrections. The Fibonacci retracement indicates a possible pullback to support levels between $0.026 and $0.032. Analysts suggest that current declines are expected after such a rapid ascent.
For traders seeking optimal entry points, Ahmed identified short-term resistance at $0.051 and support at $0.023. He emphasized that dollar-cost averaging is the safest strategy rather than attempting to time market lows. His short-term price target remains at $0.18, representing a 6X increase from current levels.
With continued bullish momentum, XCN could approach the $1 threshold, but Ahmed advises strategic profit-taking to manage risks effectively.
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