Onyxcoin (XCN) Price Eyes $1 as Bullish Momentum Builds – Can XCN Get There?

Onyxcoin (XCN) has attracted interest after a huge monthly surge, despite experiencing a short-term pullback. The token declined in the last 24 hours, yet analysts see this as a potential buying opportunity.

After experiencing a brief pullback, Onyxcoin (XCN) has garnered attention following a substantial monthly surge. Despite experiencing a decline in the last 24 hours, analysts are viewing this downturn as a potential buying opportunity.

Over the past month, XCN has surged by 1,600%, sparking speculation about its future trajectory. In a recent video, crypto analyst Ahmed from the YouTube channel YourPOP highlighted the bullish market sentiment heading into February.

Anticipation is building among market participants and analysts for a possible rally toward the $1 mark. “People are trying to shoot for this $1 XCN token, and I don’t think it’s off the table,” said Ahmed, pointing to broader market trends.

While optimistic about XCN's potential, Ahmed personally set a lower exit target, advocating for a more conservative approach. He believes that the token still has room for a 30-40X increase, especially with bullish catalysts still emerging.

Historical trends further support this outlook, as XCN recently broke through a 640-day resistance, signaling a market shift. The token's 1,500% rally in January pushed prices to their highest levels in nearly three years. Having previously hit an all-time high of $0.18 in 2022, Ahmed believes the token could surpass that range if momentum continues.

Upcoming Onyxcoin Developments Poised to Impact Price Action

Onyxcoin's roadmap includes major developments that could significantly impact its valuation. The Onyx team has announced that the Open Index Protocol (OIP) is set to launch on February 1.

Furthermore, Onyx has resolved issues with Huobi and Tron's Justin Sun, leading to the introduction of XCN staking. Ahmed also highlighted the potential significance of the upcoming Onyx XCN Ledger, comparing it to XRP's ledger launch.

“This here could be massive… we saw what happened when XRP Ripple Labs announced their ledger,” he noted. Institutional interest is also growing, with XCN securing a listing on Kraken and futures trading with 20X leverage.

XCN Price Corrections: Key Support Levels and Ideal Entry Points

Despite its parabolic growth, XCN remains susceptible to short-term corrections. The Fibonacci retracement indicates a possible pullback to support levels between $0.026 and $0.032. However, analysts suggest that current declines are expected after such a rapid ascent.

For traders seeking optimal entry points, Ahmed identified short-term resistance at $0.051 and support at $0.023. He emphasized that dollar-cost averaging is the safest strategy rather than attempting to time market lows. Ahmed's short-term price target remains at $0.18, representing a 6X increase from current levels.

With continued bullish momentum, XCN could approach the $1 threshold, but Ahmed advises strategic profit-taking to manage risks effectively.

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