Onyxcoin (XCN) is showing signs of strength despite recent bearish sentiment. The price has formed a higher low, indicating a possible uptrend. Technical indicators suggest a potential breakout if key resistance levels are breached.
Analyst C-Zar Gets Crypto remains optimistic, citing strong market liquidity and historical patterns that favor accumulation at lower price levels.
Market Analysis and XCN Price Trends
XCN is trading at $0.01438, recovering from a recent 5% decline. The price movement has sparked concerns, but analysts see a double-bottom formation, a bullish signal.
C-Zar noted that similar price action was observed in Swift Coin, raising speculation about a mirrored trend.
Bears expect XCN to drop between $0.013 and $0.011, possibly below $0.01. However, the analyst believes lower levels present an opportunity for accumulation, calling it the “land of the rising sun.” He maintains that closing above current levels could confirm an upward trend.
The 1-hour RSI is struggling at 60, facing repeated rejection. C-Zar pointed out that breaking and sustaining above 60 is crucial for confirming bullish momentum. Additionally, XCN’s daily volume accounts for over 10% of its market cap, which the analyst considers sufficient for upward movement.
Resistance is at $0.0158, marking the downtrend level from January. If XCN surpasses this, it could exit the bearish phase. Strong support lies between $0.012 and $0.01, where accumulation is expected if prices dip further.
XCN Breakout Conditions and Long-Term Outlook
For a bullish reversal, XCN must break above $0.0158, maintain RSI above 50-60, and gain at least 6%. C-Zar believes a breakout could push XCN to $0.026, while a dip first may lead to a stair-step rise, with $0.012 as a bottoming zone.
Despite short-term bearish pressure, analysts remain optimistic about Onyxcoin’s long-term potential. The price trend, RSI levels, and trading volume suggest an imminent breakout if resistance levels are breached. With the market closely watching XCN’s movements, investors await confirmation of a sustained uptrend.
Read also: We Asked AI Which Altcoin Will Produce Bigger Gains in April – XRP or Solana
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