- XCN’s breakout signals an 801% potential surge to $0.1816, with strong bullish momentum after a prolonged downtrend.
- Fibonacci analysis suggests a key $0.075 target, with market structure indicating a potential breakout from resistance.
- Volume trends hint at accumulation; a breakout above the descending trendline could confirm a shift toward higher price levels.
According to crypto analyst Javon Marks, XCN (Onyxcoin) has shown a strong breakout, signaling potential gains. The price movement suggests an upward trajectory toward the $0.1816 target level. This represents an impressive 801% increase. The analysis highlights a prolonged downtrend, followed by a reversal that could drive further bullish momentum.
XCN Breaks Out of Downtrend, Eyes $0.1816
Previously, XCN was in a downtrend with decreasing highs and decreasing lows dominating the price action. A falling trendline maintained the bearish momentum until the breakout. After the breakout, the price entered into consolidation with rising lows indicating accumulation. The volume was consistent, indicating constant market participation.
Source: Javon
Following the breakout, XCN began a robust upward trajectory that was characterized by sporadic little declines. Strong purchasing pressure was confirmed by a recent price spike that was accompanied by an increase in volume. The price saw a pullback after the spike, suggesting profit-taking. This correction is still within reasonable bounds, though, which encourages more optimistic trends.
A key resistance level is projected near $0.1816. The completed cycle of a downtrend, consolidation, breakout, and upward movement supports the bullish outlook. As long as key support levels hold, the uptrend could continue.
Fibonacci Levels and Market Sentiment Point to $0.075 Target
Analyst Cryptogeneous shows XCN retracing to the 0.786 Fibonacci level, a zone historically known for reversals. Currently, the price stands at $0.01969, reflecting a 5.58% increase. The market structure shows a descending triangle pattern, with a downward trendline acting as resistance. A horizontal support zone, marked as the “BUY ZONE,” indicates potential accumulation.
Source: Cryptogeneous
Moving averages suggest a bearish phase, as the shorter-term average remains below the longer-term moving average. However, trading volume has declined, which often precedes a breakout. A breakout above the trendline resistance could push XCN toward the 1.618 Fibonacci extension level at $0.075.
The downward trendline is the barrier-breaking above it could shift momentum toward higher price targets. Holding resistance would lead to consolidation before the next major move. Increased volume at the breakout point could confirm a trend reversal, while low volume may lead to continued sideways movement. As XCN approaches key levels, traders anticipate further price action that will determine its next direction.
