Onyxcoin (XCN) price could see substantial gains amid current market action. Trader BLOCK BULL on X, forecasting an 18x surge, expects XCN to rally from $0.018 to $0.34 in the coming days.
Using an Elliott Wave structure and custom Fibonacci levels, the analysis suggests a parabolic move is in play. However, recent price action indicates a pullback, raising questions about the bullish outlook.
$XCN
— 📈BLOCK BULL📈 (@TheBlockBull) January 24, 2025
Gonna add to my bag at $0.018 and try run it up to 34c
I'm hoping this could be the beginning of an Elliot wave.
18x If it does come to fruition.
Early days yet but that could be achieved within a week!!
(Done a variation on the fibs to fit current price)
So this is… pic.twitter.com/BkRorrg3bT
What you'll learn 👉
Onyxcoin Elliott Wave Structure Indicates Bullish Momentum
An analysis of BLOCK BULL’s XCN 4-hour chart highlights a five-wave Elliott structure forming. The first wave saw an explosive breakout from $0.014 to $0.024. This is followed by a corrective Wave 2 retracement, with the price now around $0.022. The analyst expects a dip toward $0.018 before another leg up.
Moreover, the trader anticipates Wave 3 to be the strongest, projecting a move toward $0.102. A smaller corrective dip (Wave 4) could follow before Wave 5 extends to $0.34. If validated, this pattern would confirm a major uptrend.
The focus is on the third wave, as Elliott Wave theory suggests it is typically the most powerful. A decisive move above resistance at $0.030 – $0.032 could confirm the move.
Read also: How Much Will 130 Raydium (RAY) Tokens Be Worth in 2025?
Fibonacci Levels Define Key XCN Price Targets
BLOCK BULL has modified Fibonacci retracement and extension levels to correspond with XCN’s price movement. Key Fibonacci levels are the 161.8% extension at $0.03035, the 261.8% at $0.10155, and the 361.8% at $0.33976. The trader proposes $0.018 as a solid entry point, viewing it as a key psychological support level.
If XCN breaks the $0.030 resistance, momentum could accelerate toward higher targets. However, a failure to hold support at $0.018 may trigger further downside pressure.
XCN has experienced price fluctuations recently, rising from under $0.005 to more than $0.024 before retracing. Based on CoinGecko data, the token is still over 90% higher for the week, indicating robust bullish sentiment.
Despite the current dip, BLOCK BULL remains hopeful about a potential breakout. The analyst highlights the significance of reclaiming $0.030 as a confirmation of strength. If the Elliott Wave count materializes, XCN could trend toward its ambitious $0.34 target, representing an 18x increase from the $0.018 buy entry noted by the analyst.
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