Onyxcoin (XCN) Smashes Multi-Month Resistance After 125% Price Surge

Key Takeaways

• Onyxcoin (XCN) broke out from a descending resistance trend line.
• The XCN price has increased by over 125% in the past three days.
• Has Onyxcoin started a bullish trend reversal, or is this a relief rally?
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Onyxcoin rallied hard at the start of 2025, increasing over 2,000% in only two weeks. However, the trend changed, leading to an 85% drop in the next few months.

In April, seemingly out of nowhere, XCN regained its footing, broke out from the trend line, and rallied 125%.

The rally leads to the question: Why is Onyxcoin increasing, and how long will the increase continue?

Why Is Onyxcoin Going Up?

The XCN price fell under a descending resistance trend line after its cycle high of $0.049 in January, losing 85% of its value.

After falling to a low of $0.007 on April 7, XCN rallied and broke out from its resistance trend line.

In three days, the Onyxcoin price increased 125%, reaching a high of $0.019.

Despite its significant increase, the XCN price has not reached its primary resistance at $0.023.

Technical indicators validate the upward movement. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) trend upward.

The RSI crossed above 50 while the MACD moved into positive territory, confirming the bearish trend.

The daily time frame suggests that the Onyxcoin price will continue increasing until it reaches the $0.023 resistance.

Correction or Reversal?

While the daily time frame price action and indicator readings are bullish, the wave count gives a bearish long-term XCN price prediction.

The wave count shows a completed five-wave upward movement since August 2024 (green).

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The Onyxcoin’s price decrease since the all-time high was swift, resembling an impulsive movement.

So, it is likely wave A in an A-B-C correction (red). The sub-wave count is black.

If the count is accurate, the XCN price is finishing wave B, which will likely take it to the 0.38 Fibonacci retracement resistance level.

Afterward, a downward movement as part of wave C is likely.

Rally May Not Last

The XCN price led the crypto market in the past 24 hours with an over 50% price increase.

Onyxcoin’s rally caused a breakout from a long-term descending resistance trend line.

While the upward movement could continue in the short term, it is unlikely to be a bullish trend reversal.