Crypto analyst behind Shah Faisal Shah’s channel on YouTube believes the XCN token is gaining more attention in the crypto market despite currently trading around $0.03 after dipping from a higher point.
In his latest analysis, Shah points out that the XCN price has slipped towards a critical support level at $0.022 after breaking through a previous support at $0.033.
Onyxcoin Price at Double-Top Neckline
He noted that the coin is currently at the neckline of a double-top pattern, a significant technical indicator suggesting potential price movements. If XCN price manages to hold above the $0.022 level, a recovery is possible; however, if it falls below this threshold, further declines towards $0.01 could be on the horizon.
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A slightly more optimistic scenario emerges if XCN can maintain a price above $0.026 for more than two days. This could signal a move upwards, potentially aiming for $0.033. If it breaks this level, it might open the door for further increases to $0.04 or $0.05.
Shah advises that if the coin fails to close above $0.026 for two consecutive candles on a 4-hour chart, it might confirm a bearish trend, leading the price back towards or even below $0.022.
