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

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.

About the Author

Valdrin Tahiri

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.

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