XCN is the governance and utility token for the Onyx Protocol, which is a decentralized blockchain infrastructure designed to improve financial services. It allows token holders to vote on protocol improvements, participate in the Onyx Decentralized Autonomous Organization, and access various services within the ecosystem.
In a video analysis by C-Zar Gets Crypto on YouTube, the analyst behind the channel believes XCN price has the potential to experience a dramatic increase based on XCN price technical indicators, historical data, and market dynamics.
XCN Technical Analysis
The analyst noted the recent performance of XCN price increase of 25%. Despite this uptick, he tempered expectations by pointing out that the trading volume wasn’t substantial enough to confirm a significant breakout yet.
- 4-Hour Timeframe: The presenter analyzed the 4-hour chart, suggesting that XCN’s price action was poised for an upward trajectory.
- Fibonacci Retracement: Utilizing Fibonacci levels, he identified key resistance points. The golden ratio was already met, with the next resistance targets at the 0.786–0.886 Fibonacci levels, equating to a price range of 3.6 to 6 cents. He underscored the importance of XCN consolidating at 2.1–3.2 cents to potentially reach 6 cents.
XCN Technical Analysis
The speaker drew attention to XCN’s historical highs, cautioning that early price data might be less reliable due to limited exchange listings. However, with more accurate data now available from exchanges like Coinbase, recent price movements are seen as more indicative of true market sentiment. A potential listing on Binance was also speculated to be a catalyst for further price growth.
XCN Market Dynamics and XCN Price Targets
- Resistance Levels: There appears to be a gap in historical resistance, suggesting that XCN price could move from its current price to at least 3.8 cents without significant hurdles.
- Volume Surge: The recent increase in trading volume was highlighted as a positive sign for continued bullish momentum.
- Short-term: A minimum target of 3.8 cents was proposed, which would be a 3X increase from the current price.
- Mid-term: 6 cents was identified as a plausible mid-range target, supported by Fibonacci analysis.
- Long-term: An ambitious target of 42 cents was suggested, representing a 32X gain, which the speaker described as “inevitable” based on historical trends.
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For XCN price to achieve a 200x increase, reaching an 80-billion-dollar market cap, the speaker noted this would necessitate widespread adoption and favorable market conditions, yet he considered it within the realm of possibility.
