Onyxcoin (XCN) has been facing a strong downtrend since the beginning of the year. Below is an analysis of the current market situation and possible scenarios.
Current Situation Overview
Currently, XCN price is trading at about $0.013, up by 0.84%, but still facing resistance from the descending trendline. The formation of lower highs and lows emphasizes the bearish outlook on the asset.
Key Support and Resistance Levels
The support around $0.011 has proven to be significant multiple times since January, helping the price recover. Resistance is seen between $0.0135 and $0.014, coinciding with the descending trendline. If the price closes above this line, it may pave the way toward higher levels of $0.016 to $0.018.
Possible Scenarios for XCN Price Movement
Two main scenarios seem possible today. In a bullish case, if XCN breaks above the descending trendline ($0.0135-$0.014) with strong volume, we might see movement toward the $0.016 or higher range. However, if the price is rejected again, it may fall back to lower levels, potentially revisiting the $0.011 support. XCN's movement is also linked to Bitcoin's performance, as its changes could influence XCN's direction.
XCN continues to encounter key resistance and support levels. Attention should be focused on trading volumes and Bitcoin's behavior, as these may impact the asset's subsequent movement.
