Onyxcoin (XCN) Price Tests Key Resistance, Breakout Could Send Price to $0.075 and Beyond

After months of being stuck under a descending trendline, the price of Onyxcoin (XCN) may finally be approaching a breakout.

Analyst Eyes Big Onyxcoin (XCN) Rally as Price Tests Key ResistanceAnalyst Maps Out Fibonacci Extension Levels For Potential XCN Price Targets

Onyxcoin (XCN) price has been testing the same descending trendline for months now, a level that previously sparked a sharp downturn.

If there’s one coin that has seen its fair share of downward pressure this year, it’s probably Onyxcoin (XCN). After a strong run in 2023, the coin has been struggling to regain any real upward momentum.

With each rally getting stamped out at lower highs, it seemed like XCN was destined to remain in a descending channel, at least according to the technical analysis.

However, the latest price action shows the coin pressing up against the same trendline that had been acting like a ceiling for several months. The tension is building, and a breakout might not be far away.

Chart: Ben CW via X

As we can see in the chart above, analyst Ben CW has mapped out the key Fibonacci levels in his analysis. His first price target is $0.075, which corresponds to the 1.618 Fibonacci extension. The second, more ambitious target is set at $0.116, which lies at the 2.618 level.

These targets are based on classic technical setups that traders use to estimate potential momentum moves after breakouts. Of course, the final outcome will depend on how the coin reacts to the breakout.

The chart also shows several smaller levels along the way that may act as interim resistance, including $0.031, $0.038, and $0.046. However, if XCN breaks above the descending trendline with strong volume, those barriers could fall quickly.

XCN Rally History Gives Bulls Hope

What makes this setup even more interesting is XCN’s history of explosive moves. The coin has proven in the past that when it breaks out, it can rally fast and hard.

In previous analysis, we’ve seen how quickly cryptocurrencies can lose their steam after a breakout, especially if they fail to gain follow-through. But XCN has shown resilience in the past.

After a sharp decline from $0.19 in early 2023, XCN found support around $0.02, setting the stage for a nearly 200% rally in just a few months.

That rally was fueled by a breakout from a seven-month descending channel, similar to the one we’re currently observing. So, if XCN manages to clear the resistance line soon, it could mark the start of a new bullish phase.

All eyes are now on whether that breakout confirmation arrives and whether XCN can sustain any gains after breaking through the crucial trendline.