Can XCN Reach a New All-Time High Price? | Credit: Veronica Cestari
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Key Takeaways
Onyxcoin (XCN) has increased by 1,500% in January.
The price broke out from a 640-day resistance trend line.
Can XCN continue its ascent to a new all-time high?
XCN lay dormant for most of 2024, even though the rest of the altcoin market rallied. The trend turned on its head in 2025.
While the crypto market, including Bitcoin (BTC), has undergone a correction, XCN initiated a massive 1,500% rally and reached its highest price in nearly three years.
Even though the all-time high price is still over 500% away, the speed of the increase makes it possible for XCN to reach it.
Let’s analyze the price action and see if this is the case.
The XCN price has increased since falling to an all-time low of $0.00071 in October 2023. In February 2024, XCN broke out from a 640-day descending resistance trend line that had sloped the descent since the all-time high price. This was a sign that the correction was finally over.
After briefly returning to its pre-breakout levels (white icons), XCN created a higher low and started another upward movement in November 2024, which continued throughout the rest of the year. However, the most explosive part of the growth happened in 2025.
The rally became parabolic in January, leading to a 1,500% monthly increase. The high of $0.049 was the highest price since 2022.
The XCN price has not retraced at all since the upward movement started.
Technical indicators do not show any weakness. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are still increasing and have not generated any bearish divergence yet.
There is no more horizontal resistance left until the all-time high of $0.182, which is still a nearly 500% price increase away. Let’s look at the wave count and see if the XCN price can reach it.
What’s Behind the Increase?
The XCN rally became parabolic on Jan. 15. The same day, the Onyx team announced that they are on track for a February 1 Open Index Protocol (OIP) to incentivize running Onyx Core nodes.
On Jan. 26, the Onyx DAO announced that it would disclose one of the most significant XCN updates to date on Feb. 3, unveiling a new blockchain and the Onyx XCN Ledger.
Finally, Kraken announced XCN futures with up to 20x leverage on Jan. 28.
New XCN All-Time High?
The most likely wave count suggests the XCN price is in wave three of a five-wave increase that started with the September 2023 lows.
Wave three has extended massively and is already over 4.61 times the length of wave one. Moreover, it has a completed sub-wave count (black), so it may have ended.
If that is the case, the XCN price could correct in what is likely wave four, falling toward the 0.382-0.5 Fibonacci retracement support levels at $0.026-$0.032. Afterward, it could begin the fifth and final wave.
The exact target for the top of wave five depends on the wave four low. For XCN to reach a new all-time high, wave five would have to undergo a similar extension to wave three.
Short-Term Decline
The XCN price has been mired in a parabolic upward movement since the start of the year. While there is no visible weakness yet, the wave count shows an extreme extension, which suggests that a portion of the upward movement may be over.
If so, XCN could undergo a short-term correction before resuming its ascent.
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.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
