This Trader Updates His Onyxcoin (XCN) Price Prediction

Onyxcoin (XCN) is at a turning point as market analysts assess its price action and potential breakout levels.

Onyxcoin (XCN) is trading at a crucial juncture as market analysts assess its price action and potential breakout levels. As the community speculates on Justin Sun’s involvement, a crypto expert provides technical insights and price predictions.

Onyxcoin Price Levels To Watch

Crypto expert C-Zar Gets Crypto recently shared his take on XCN’s market position, highlighting crucial price levels and technical indicators to observe. According to the analyst, the token is at a major support zone with its RSI oversold, a pattern that has historically been followed by a price rebound. This could signal that the bottom is near.

Despite these promising signs, the selling momentum keeps the RSI below 60, indicating that the bears might still have some control in the short term. If the current support breaks, XCN could slide to $0.0125 or possibly as low as $0.0088.

For bulls, the key threshold is $0.0183. Breaking above this point could push XCN towards $0.022, with sustained momentum confirming a reversal. If this occurs, the door opens to $0.03, and more ambitious targets of $0.07 to $0.11 if the bullish scenario unfolds fully.

Onyxcoin Technical Levels And Market Sentiment

C-Zar highlighted crucial price levels that could determine XCN’s trajectory. The primary support zone is located at $0.015, while $0.0125 serves as a lower support level. The worst-case scenario scenario sees a dip to $0.0088.

On the upside, $0.0183 is the key breakout point, followed by $0.022. After this, $0031 and $0.07 are the next resistance targets to keep an eye on.

XCN’s price action suggests a bull flag formation, a strong bullish continuation pattern. Fibonacci retracement analysis indicates that a breakout above $0.022 substantially increases the likelihood of reaching at least $0.03.

C-Zar also emphasized the importance of keeping the RSI above 60 on the 4-hour chart as a strong confirmation of bullish momentum.

Speculation continues regarding Justin Sun’s potential involvement in XCN. While some in the community remain skeptical, C-Zar suggested that Sun likely entered at similar price levels as retail investors. This could indicate institutional interest and add weight to the bullish outlook.

However, concerns remain, with critics labeling XCN a risky investment due to its associations. As always, manage your risk and invest wisely.

Onyxcoin Price Prediction

In the short term, XCN needs to hold above $0.0183 to confirm a bullish trend. A breakout could push prices towards $0.022 and $0.03. Mid-term projections suggest a range of $0.07 to $0.11 if momentum sustains.

Long-term targets remain speculative but include $0.15 to $0.18, with a maximum projection between $0.84 and $2.40. C-Zar cautioned that technical analysis is not foolproof. While indicators provide an edge, investors should manage risk and avoid emotional trading. The next few weeks will determine whether XCN reverses its downtrend or faces further downside pressure.