Onyxcoin’s breakout mirrors its April rally — Will history repeat and send XCN to $0.050? | Credit: Derek Fenech
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Key Takeaways
XCN shows bullish divergence from the broader market trend.
The CMF remains positive on both the 4-hour and daily charts.
However, a bearish MACD reversal could invalidate the setup.
Onyxcoin (XCN) has emerged as a standout performer, showing notable resilience amid the broader market pullback. At the time of writing, XCN’s price is trading at $0.091, representing a modest 2.89% gain over the past 24 hours.
This positive movement contrasts starkly with leading cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), both of which have given back a portion of their recent gains.
In this analysis, CCN reveals the reasons behind Onyxcoin’s strength. We also disclose why the XCN price could potentially trade higher in the days ahead.
Onxycoin Shows Resilience
A review of the 4-hour chart for several top cryptocurrencies reveals a concerning trend. Specifically, the Chaikin Money Flow (CMF) has turned downward, indicating weakening buying pressure across much of the market.
However, the XCN/USD pair stands out as a notable exception. On the same timeframe, the CMF remains above the zero line, signaling sustained accumulation.
As of press time, the CMF reading is 0.19. This divergence between XCN’s price and the broader market could be an early sign of relative strength.
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If sustained, this could help the market value breach the resistance at $0.020. In addition, XCN’s price has climbed above the green line of the Supertrend indicator.
The Supertrend indicator, which adapts to both price action and volatility, flips green when the trend shifts bullish, indicating that price might close above the overhead resistance.
Therefore, should XCN continue to trade above this level, it might extend its rally as long as buying volume increases.
XCN Price Analysis: Eyes on $0.031
Like the 4-hour chart, the daily XCN/USD chart also presents a bullish outlook. As of this writing, XCN’s price has broken above the upper trendline of a descending channel.
The breakout looks similar to the setup before the altcoin’s rally in April. During that time, buying pressure around Onxycoin increased, forcing the cryptocurrency’s market value to rise above $0.025.
Around the same period, the Moving Average Convergence Divergence (MACD) formed a bullish crossover with the Exponential Moving Average.
A look at the current condition shows that the 12 EMA (blue) has crossed over the 26 EMA (orange) to follow a similar path.
As long as bulls defend this position, XCN’s price might break the resistance at $0.026. If achieved, the altcoin’s next target could be a 60% rally from its current price to $0.031.
In a highly bullish scenario, XCN might jump toward $0.050. On the contrary, if the daily chart shows a bearish crossover, this might not happen, and XCN might decline toward $0.013.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
