![Onyxcoin [XCN]](https://chainaffairs.com/wp-content/uploads/2025/01/onyxcoin-xcn-coin-stacks-cryptocurrency-3d-render-illustration-free-png.webp)
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Key Takeaways:
- Onyxcoin is outperforming the crypto market with a 2.89% gain amid broad selloffs.
- Technical indicators are bullish, with CMF and MACD suggesting strong accumulation and momentum.
- Price targets range from $0.026 to $0.050, but traders should watch for potential bearish reversals.
While major cryptocurrencies such as Bitcoin and Ethereum show signs of weakness, Onyxcoin (XCN) is standing tall. As of writing, the altcoin trades at $0.091, reflecting a 2.89% gain in the past 24 hours, outperforming the broader market and drawing attention from traders and analysts alike.
XCN Defies Market Weakness with Positive Momentum
A review of the 4-hour chart shows declining Chaikin Money Flow (CMF) for many top crypto assets, suggesting fading buying pressure. However, XCN bucks this trend, with its CMF reading currently at +0.19, indicating continued accumulation despite market turbulence.
This resilience is further supported by the Supertrend indicator, which recently flipped green. This suggests the onset of a bullish trend, especially as XCN trades above the Supertrend line—a key signal that buyers are gaining control.
Technical Indicators Support Further Upside
On the daily chart, XCN/USD has broken out of a descending channel, mirroring the setup that preceded its April rally. Back then, the coin surged above $0.025 amid increasing volume and sustained bullish sentiment.
The MACD indicator has now flashed another bullish crossover, with the 12-day EMA overtaking the 26-day EMA—a classic sign of upward momentum. If bulls hold this position, XCN may push past the immediate resistance at $0.026.
Price Target: Can XCN Reach $0.031 or Even $0.050?
Should buying volume continue to rise and technical support levels hold, analysts suggest XCN could rally by 60%, pushing the price toward the $0.031 target. If momentum strengthens further, a parabolic move toward $0.050 is also on the table.
However, caution remains warranted. A bearish MACD crossover or drop below support could invalidate the current setup, dragging the price down to $0.013 in a worst-case scenario.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
Also Read: Onyxcoin (XCN) Nosedives 15% as Death Cross Signals Looming Crash
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
