Onyxcoin (XCN) Price Crash Before the Comeback? Why This Analyst Is Still All In

Crypto analyst C-Zar shared a new video with his 36000 YouTube subscribers today, and his message was clear: XCN might be headed for a short-term drop

Crypto analyst C-Zar is known for his technical analysis prowess, and in a recent video, he shared his thoughts on why he’s still bullish on Onyxcoin (XCN), despite some short-term bearish signals.

Onyxcoin Price Crash After the Comeback? XCN Might Be Hitting Triple Bottom, Says Analyst

According to C-Zar, the XCN chart is showing a few key signs of an impending short-term drop. The coin has hit a key support level three times, which some traders call a ‘triple bottom.’

However, C-Zar warns that this pattern is more likely to lead to a breakdown than a bounce. He adds that there’s also a hidden bearish divergence on the RSI (Relative Strength Index), where momentum is increasing but the price isn’t, which usually signifies weakness.

The crypto analyst further notes that the RSI has been repeatedly rejected at the 50 line, another bearish signal, and a bearish engulfing candle is forming, which can be a signal for an upcoming downward move.

Still Bullish on XCN After Benma Smith’s Claims

Benma Smith, another crypto analyst, recently claimed that he sold his XCN at a loss and is now bearish on the coin. However, C-Zar remains bullish on XCN in the long term, despite the short-term bearish outlook.

C-Zar is seeing an opportunity to buy XCN at a lower price as it approaches the $0.014 to $0.015 zone, which aligns with a key Fibonacci retracement level (the 0.5 zone) and has served as support and resistance in the past.

He adds that if the price drops below that range, to $0.0123 for example, it wouldn’t be the end of the world, as Onyxcoin has a history of making quick wicks downward before bouncing back rapidly.

Already Averaging Down and Preparing For More Buys

C-Zar has already been preparing for this move and has buy orders set between $0.0144 and $0.015, and he has no plans to sell his current holdings.

In the big picture, C-Zar believes that after XCN finds support, it could make a strong move upward – potentially reaching $0.048 in the next couple of weeks. He previously expected $0.056, but adjusted that target based on the new market structure.

His analysis suggests that we might see some consolidation in the lower range for about a week, followed by a recovery into mid-month. From there, he sees a breakout toward higher prices.

If the price drops quickly and significantly, C-Zar advises against panicking, as the XCN price has shown this kind of behavior. He says that we could see a sudden 40% to 50% drop followed by a sharp recovery.

Don’t try to time the exact bottom, but rather have your buy orders ready in advance, and be patient and stay calm as you navigate the market.