XCN Coin Price Prediction: What’s Next After Price Consolidation?

Onyxcoin Price Prediction: XCN at a Crossroads – What’s Next?

Crypto Market Volatility and XCN’s Next Move

The cryptocurrency market is always full of surprises, and XCN is no exception. With Bitcoin and Ethereum also experiencing volatility, XCN’s next move might align with the overall market sentiment. Traders should watch major cryptos for confirmation of trends.

With recent technical formations hinting at a potential major move, traders are keenly watching its price action. Will XCN break out to new highs, or will selling pressure drag it lower? Let’s analyze the latest chart patterns and indicators to assess possible outcomes.

OnyxDAO Evaluates Token Recovery Proposal

The OnyxDAO community is currently evaluating an OIP proposal to distribute tokens to individuals who mistakenly sent $XCN to the contract address. Since the contract is renounced, those tokens are effectively burned, reducing the total circulating supply. While this doesn’t directly impact price movements, it’s a crucial aspect for long-term tokenomics and community engagement.

XCN Market Performance

Current Price: $0.02190

24-Hour Change: -6.93%

Trading Volume: Up 85.63% to $217.26 million

Market Cap: $712.79 million

Circulating Supply: 32.59 billion XCN

Total Supply: 48.4 billion XCN

Despite a price decline, the sharp increase in trading volume indicates strong market activity.

XCN Chart Patterns & Resistance Levels

Ascending Triangle Breakout (First Pattern)

The first significant chart pattern observed in XCN was an ascending triangle, which resulted in a strong bullish breakout. Buyers entered with momentum, pushing prices higher and reinforcing a positive market sentiment. However, after that rally, XCN entered a consolidation phase, forming a second, more complex pattern.

Symmetrical Triangle Formation (Second Pattern)

Currently, XCN is forming a symmetrical triangle—a pattern marked by lower highs and higher lows. This pattern suggests an impending breakout in either direction. The price is now at the apex of this triangle, indicating that a decisive move is imminent.

Source: TradingView

Bearish vs. Bullish Price Targets

Bearish Breakdown Scenario

If the price drops below the lower trendline ($0.017), it could signal a bearish continuation.

Based on the height of the triangle, the expected target range is between $0.010 and $0.012.

Recent outflows of $9.53 million over the past four days indicate increased selling pressure, further supporting the bearish case.

Bullish Breakout Scenario

A price move above the upper trendline ($0.025 - $0.027) would indicate a potential bullish breakout.

The expected target range in this case would be between $0.035 and $0.040, aligning with previous breakout levels.

A surge in trading volume would be necessary to confirm bullish momentum and sustain an upward move.

Technical Indicators & Market Momentum

Relative Strength Index (RSI)

Currently sitting at 32.26, the RSI is near oversold levels, suggesting a potential price bounce. If buying pressure increases, we could see a short-term recovery.

MACD (Moving Average Convergence Divergence)

The MACD indicator remains bearish, but signs of weakening selling pressure hint at a potential trend reversal. A bullish crossover would strengthen the case for a breakout above resistance levels.

XCN Price Prediction: What’s Next?

With XCN consolidating near the apex of the symmetrical triangle, traders should prepare for volatility. Since symmetrical triangles can break in either direction, monitoring support and resistance levels is key. If XCN sees strong buying momentum, we could witness a bullish breakout toward $0.035 - $0.040. However, continued outflows and a breach below $0.017 could lead to a retest of $0.010 - $0.012.

Final Thoughts

The next few days will be critical for XCN’s price action. Whether it breaks out or falls lower, traders should keep an eye on volume, trend confirmations, and broader market sentiment.