XCN token had quite the ride in early 2025. The token exploded in January, shooting up around 1,500% and hitting its best price in almost three years at roughly $0.049. But like most crypto rallies, what goes up often comes crashing down. After hitting that January high, XCN took a nosedive and has been bouncing around between $0.009 and $0.026 ever since.
Crypto Almanac has analyzed Onyxcoin token to determine whether this cryptocurrency could reach new heights in 2025. His technical review reveals promising patterns that suggest significant upward potential for the asset.
Breaking Through Key Resistance
Crypto Almanac identifies a critical downward sloping resistance curve that has been limiting Onyxcoin price for quite some time. This slope repeatedly acted as a zone where sellers dominated, representing a major technical barrier signifying the prevailing downtrend.
However, his analysis shows this negative pattern is losing validity as the price has successfully broken above this sloping resistance. This breakthrough marks an important technical achievement that signals a significant shift in investor sentiment, indicating buyers are beginning to take control.
From Crypto Almanac’s perspective, breaking this descending resistance line represents more than just a short-term breakout. It signifies a major shift in market dynamics. The price breaking above this curve should be interpreted as a strong positive signal since historically, every touch of this line faced selling pressure. Now it has freed itself, showing buyer dominance.
The analyst notes this breakout type is a key structure many traders watch, often interpreting it as a buy signal that contributes to increased upward momentum. Currently, the price appears to be in a retest phase, pulling back to test this newly broken structure. Such pullbacks are considered healthy as they validate the breakout and provide new entry opportunities.
Strong Support and Compression Signals For XCN
Crypto Almanac highlights a strong support zone located just below the current price as one of the chart’s most notable structures. This critical level has been touched multiple times in the past, responding with upward movements each time and initiating bullish trends. Such support zones indicate areas where buyers are strong and confident.
The support zone holds significance due to both historical Onyxcoin price action and psychological impact on investors. Traders recall previous reactions from this area, becoming more inclined to buy when price approaches this level, potentially accelerating upward movement.
For technical analysis investors, these tested support levels serve as strategic entry points where buying pressure intensifies, increasing bounce probability. The repeated testing and rebounds provide strong evidence of the support zone’s solidity.
When examining the chart closely, Crypto Almanac observes that Bollinger bands are narrowing with compressing range. Such contractions often indicate upcoming significant developments as they’re dynamic indicators expanding and contracting based on price volatility. Narrowing bands signal sideways movement and market consolidation periods.
This compression typically precedes strong, sharp price movements. Narrowing Bollinger bands suggest the market is preparing for a major move, with significant upward movement potentially approaching for Onyxcoin. The energy building during low volatility periods usually releases as breakouts, and based on current technical data, the likely direction appears upward.
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Crypto Almanac concludes that this compression scenario creates positive expectations as professional traders prepare for major price moves following such contractions. His technical analysis suggests Onyxcoin has strong potential to make another new high in 2025.
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