A crypto analyst at The BigBC Finance Channel, a YouTube channel with more than 13k subscribers on YouTube, examines the current state of Onyxcoin (XCN), which has been experiencing a price decline despite the broader crypto market showing signs of recovery.
The crypto market is painting a predominantly green picture today, with several major cryptocurrencies posting significant gains. Solana’s SOI has surged 10% in the past 24 hours, while Cardano, currently ranked sixth by market cap, has impressed with a 12% increase. Litecoin has been particularly strong, recording nearly 25% growth over the past few days.
However, as the crypto analyst points out, Onyxcoin stands out as one of the few top cryptocurrencies currently in the red, showing a 3.5% decline. This continues a weeks-long downward trend that began after XCN approached the 5-cent mark. The price has repeatedly tested a strong resistance level, maintaining a consistent downward pattern.
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Why This XCN Dip Might Be Healthy
Interestingly, the analyst suggests that this price retracement could actually benefit XCN long-term prospects. The current market behavior is effectively filtering out short-term speculators, allowing more committed long-term holders—often referred to as “diamond hands”—to” accumulate positions. This natural market mechanism could strengthen XCN’s holder base over time.
Despite the recent decline, XCN performance remains impressive when viewed from a broader perspective. The token is still trading at nearly 10 times its January 13th price, representing significant growth even after the recent pullback. As CryptoTrader notes, the current correction has been relatively modest compared to potential worst-case scenarios.
XCN Technical Analysis
The current resistance level appears to be acting like a final boss in a video game, as CryptoTrader colorfully describes it. The price has tested this level multiple times, and when—not if—it breaks, we could see a significant upward movement establishing a new bullish trend. While the timing remains uncertain, the technical structure suggests strong potential for upward movement once this resistance is overcome.
The analyst draws a parallel with XRP market behavior. Historically, XRP has often led market movements in this sector. In November 2024, XRP experienced a dramatic 6X increase, while XCN showed a more modest 183% gain during the same period.
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Currently, we’re seeing a similar pattern with XRP and other large-cap payment infrastructure tokens like XLM and Hedera Hashgraph (HBAR) showing positive movement while XCN lags behind.
Onyxcoin Fundamental Developments
Adding to the technical analysis, CryptoTrader highlights significant fundamental developments. Onyxcoin has recently launched its new blockchain, implementing a transaction burn mechanism that gradually reduces the token supply.
While this may not cause immediate price action, it creates a favorable long-term dynamic where reduced supply could drive prices higher if demand remains stable or increases.
XCN Long-Term Price Target
CryptoTrader maintains his long-term price target of 37 cents for XCN, expressing confidence in both the development team and the holder community. He believes the team’s measured approach to information release and development will ultimately benefit the project’s growth.
This analysis suggests that while XCN is currently experiencing downward pressure, the combination of technical patterns, market dynamics, and fundamental developments could present an attractive entry point for investors with a longer-term perspective.
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