XCN (Onyxcoin) Price Prediction 2023-24: Will XCN Reach $0.1816 This Year?

XCN (Onyxcoin) prices, as they hold broken out, could still be on bullish path towards that $0.1816 target level and that can result in another +801% upside!

Onyxcoin ($XCN) has been on the radar of traders and investors, and as it shows signs of continued bullish momentum, following a breakout, the cryptocurrency could be on track to reach a target level of $0.1816, presenting another +801% upside potential.

$XCN (Onyxcoin) prices, as they hold broken out, could still be on bullish path towards that $0.1816 target level and that can result in another +801% upside!

The latest technical analysis shows that $XCN has managed to break out of a prolonged downtrend, which can be seen in the attached charts. The price has moved above key resistance levels, which could be indicating the start of a new bullish phase. Currently, trading with good momentum, Onyxcoin is looking at the $0.1816 target, which could result in another potential gain of approximately 576% from current levels.

This breakout comes after a period of downtrend, as illustrated in the technical analysis. The price movements and support/resistance lines show how $XCN has been consolidating after a significant peak, followed by the recent breakout. The breakout is supported by increasing trading volume, which further adds to the bullish sentiment.

The first image showcases the initial breakout, where $XCN breaks past resistance, triggering buying interest. The second chart emphasizes the sustained momentum, as prices continue to climb towards the projected target. Finally, the third chart illustrates the long-term potential of this rally, showing the $0.1816 target level within reach.

The market sentiment surrounding $XCN is largely bullish, as the breakout and the possibility of substantial gains have created a positive atmosphere. Momentum indicators, like the Relative Strength Index (RSI), also support this trend, as they are positioned in bullish territory without showing signs of overbought conditions.

Volume analysis also supports the bullish outlook, as there is a noticeable increase in trading activity as prices surged. This volume spike usually indicates strong buying interest, which validates the breakout and increases the likelihood of further price appreciation.

While the upside potential is significant, investors should be aware of the inherent risks associated with such high volatility. Breakouts can sometimes lead to false signals, and profit-taking could trigger short-term pullbacks. Additionally, macroeconomic factors and overall market conditions could impact $XCN’s price trajectory.

However, the technical setup remains robust, and the momentum indicators suggest that the bullish trend is likely to continue. Traders are advised to watch for any signs of consolidation or resistance as the price approaches the $0.1816 target.

Onyxcoin’s ($XCN) breakout presents a compelling opportunity for traders and investors. With a potential upside of over 801% and a clear technical setup, the cryptocurrency is well-positioned for further gains. The $0.1816 target level remains in sight, and if current momentum continues, $XCN could be on the verge of a major rally.