Onyxcoin (XCN) Price Decline Continues: Is It Right to Buy the Dip?

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)

Cryptocurrency price analysis for March 10 shows that XCN price declined during the past day, continuing a several-weeks long downtrend.

However, the token is still showing strong gains over the past month, and the current dip could be beneficial for the token’s long-term prospects.

Moreover, several fundamental developments could impact XCN price in the future.

Onyxcoin price action over the past 24 hours shows that the token opened at $0.033 and quickly rose to a high of $0.0341, before declining sharply.

The token reached a low of $0.0318, before recovering slightly to trade at $0.0323 at the time of writing.

XCN price encountered strong resistance at the 4-cent price level, which it failed to breach several times.

The token’s price action over the past few weeks shows that it began to decline after approaching the 5-cent mark.

This price level acted as a strong resistance zone, which XCN price failed to breach despite several attempts.

The token’s price continued to decline, eventually reaching levels below $0.030 towards the end of February.

However, buying pressure returned at this lower price level, and XCN price began to recover.

Interestingly, the crypto 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.

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.

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.

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.

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.