Onyxcoin (XCN) is at a turning point as market analysts assess its price action and potential breakout levels.
Crypto expert C-Zar Gets Crypto recently shared his take on XCN’s market position, outlining potential paths forward. The token sits at a crucial support level with an oversold RSI – a pattern that has historically preceded rebounds. According to the analyst, this could signal an approaching bottom.
Despite these promising signs, selling momentum continues, keeping the RSI under 60. C-Zar warns that if current support breaks, XCN might slide to $0.0125 or possibly as low as $0.0088.
For bulls, the key threshold is $0.0183. Breaking above this could push XCN toward $0.022, with sustained momentum confirming a reversal. Success here opens the door to $0.03, with ambitious targets between $0.07 and $0.11 if momentum builds.
What you'll learn 👉
Onyxcoin Technical Levels and Market Sentiment
C-Zar highlighted crucial price levels that could determine XCN’s trajectory. The primary support zone sits at $0.015, while $0.0125 serves as the lower support.
The worst-case scenario sees a dip to $0.0088. On the upside, $0.0183 is the key breakout point, followed by $0.022. Beyond this, $0.031 and $0.07 remain the next resistance targets.
XCN’s price action suggests a bull flag formation, a strong bullish continuation pattern. Fibonacci retracement analysis indicates that a breakout above $0.022 substantially increases the likelihood of reaching at least $0.03. C-Zar emphasized that maintaining an RSI above 60 on the 4-hour chart would be a strong confirmation of bullish momentum.
Besides, speculation continues regarding Justin Sun’s potential involvement in XCN. While some in the community remain skeptical, C-Zar suggested that Sun likely entered at similar price levels as retail investors.
This could indicate institutional interest and add weight to the bullish outlook. However, concerns remain, with critics labeling XCN a risky investment due to its associations.
XCN Price Prediction
In the short term, XCN needs to hold above $0.0183 to confirm a bullish trend. A breakout could push prices toward $0.022 and $0.03.
Mid-term projections suggest a range of $0.07 to $0.11 if momentum sustains. Long-term targets remain speculative but include $0.15 to $0.18, with a maximum projection between $0.84 and $2.40.
C-Zar warned that technical analysis is not foolproof. While indicators provide an edge, investors should manage risk and avoid emotional trading. The next few weeks will determine whether XCN reverses its downtrend or faces further downside pressure.
Read also: How Much Could SUI Tokens Be Worth if Bitcoin Price Dropped to $75K?
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