Analyst Eyes Big Onyxcoin (XCN) Rally as Price Tests Key Resistance

After months to be stuck under a descending trend line, the Onyxcoin (XCN) price can finally approach an escape. Since the beginning of the year, XCN has experienced high downward pressure, each rally has been rejected at lower tops.

But the last price action shows the coin against the same trend line that has been acting as a ceiling for several months. The tension is built and an escape might not be far away.

XCN price chibles: $ 0.075 and beyond?

CW traced the Fibonacci key levels in his analysis. Its first price target is $ 0.075, which corresponds to the Fibonacci extension of 1.618. The second more ambitious target is set at $ 0.116, which is at 2.618. These targets are based on conventional technical configurations that traders use to estimate the potential movements of momentum after the eruptions.

The graph also shows several smaller levels along the way that can act as provisional resistance, including $ 0.031, $ 0.038 and $ 0.046. However, if XCN breaks above the descending trend line with a strong volume, these barriers could drop quickly.

Read also: Hbar bursts hard: the analyst expects a “massive wind wave” in front of

The history of the XCN rally gives the bulls of hope

What makes this configuration even more interesting is the story of XCN's explosive movements. The room has proven in the past that when it breaks out, it can rally quickly and hard. This is why CW looks closely at the current scheme and is preparing for what it considers a possible rally continuation in the coming weeks.

If the XCN price soon erases the resistance line, it could mark the start of a new upward phase for Onyxcoin. All eyes are now on the question of whether this escape confirmation arrives. Do you buy before or after escape?

Follow us X (twitter),, Coinmarketcap And Square For more daily crypto updates.
Read our recent cryptography market updates, our news and our technical analyzes here.

We recommend Etoro

Do not invest unless you are ready to lose all the money you are investing. This is a high -risk investment and you shouldn't expect to be protected in the event of a problem. Take 2 minutes to find out more

Active user community and social features such as news flows, cats for specific parts available for trading.
Large range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the main traders for free.
Interrupted: the web platform and the Etoro mobile application are user-friendly and easy to navigate.