This Trader Predicts Where is The Onyxcoin (XCN) Price Headed Next

The XCN price exploded last month with an impressive gain of over 1,600%. However, it took a hit today as the market turned sluggish, dropping 8.5%, and is now trading around $0.032.

Cryptocurrency trader ‘The Real Denny’ has shared his latest technical analysis on XCN, predicting potential price movements for the token.

The analysis highlights a descending triangle pattern, where lower highs are met with relatively stable lows. Typically, this formation signals bearish continuation. However, traders are watching closely for any potential breakouts in either direction. A strong move above the triangle could trigger a rally, while a breakdown below support might lead to further price decline.

$XCN we need a big bull to come in and take out the .04 and send us higher.

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The analysis pinpoints significant resistance around $0.040 to $0.042, where previous price action shows clear rejection. On the other hand, a support zone near $0.030 has been tested multiple times, serving as a crucial level for XCN holders.

With trading volume at 39.104M, the market shows moderate activity, although volume has been declining within the triangle formation. The average price hovers around $0.03724, serving as a psychological benchmark for traders.

As the triangle pattern approaches its apex, a significant price movement appears imminent. The trader emphasizes the importance of breaking above $0.04, which could potentially trigger renewed buying interest. However, traders should note that technical patterns can break in either direction, ultimately depending on market conditions and trading volume.

Based on the current technical setup, XCN’s next major move largely depends on which level breaks first. If bulls manage to push above the $0.040 resistance, we could see a move toward $0.045 or even $0.050 levels. However, if the price breaks below the $0.030 support, XCN might test lower levels around $0.025 or $0.020. Given the descending triangle formation and declining volume, traders might want to wait for a clear breakout before making any decisions, as price could move in either direction from here.

Also Read: If You Invest $1,000 in XCN and WEPE Today, Here’s How Much You Could Make This Bull Run

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