A rough month for Onyxcoin's XCN as it lost about 40% of its value. Current prices are over 70% down from January's peak of $0.036. Crypto analyst C-Zar weighed in on XCN's future.
Technical Analysis and Warning Signs
XCN didn't show the expected rebound, falling to the 0.786 Fibonacci level instead of holding at 0.618. Typically, XCN price stabilizes at these levels, but this break from the trend might be worrisome. Interestingly, despite the price drop, trading volume hasn't risen, indicating possible accumulation by major players.
Key Support and Resistance Levels
C-Zar identified key support and resistance levels for XCN. A break below $0.00874 on a 4-hour chart may suggest further decline, with subsequent levels at $0.00792 and $0.00725. In a positive scenario, rebound zones may lie between $0.0115 and $0.015, potentially leading to a 57% to 100% rally.
Long-term Prospects of XCN
Despite short-term volatility, C-Zar remains optimistic about XCN's long-term future. His strategy involves holding XCN until it rises above $0.20, targeting $1 or more eventually. The expert expects a quick recovery after the recent drop.
C-Zar's analysis points to potential reversal points for XCN, despite its recent losses. Paying attention to key support and resistance levels could signal future trend changes.
