A major breakout is taking shape on Onyxcoin 4-hour chart. XCN has finally broken above its descending trendline, signaling a possible trend reversal.
The descending trendline has been a resistance to price movement since January rally. The price has consistently bounced off it as resistance. a break above this key level suggests we could see a rally in the mid-term.
The price is now pulling back to test the old resistance as new support – a textbook pattern that often leads to bigger moves. This retest will be key in confirming whether the breakout is real.
Conditions for an XCN Price Rally
If the broader crypto market stays weak, Onyxcoin price might trade sideways for a while. But if market sentiment turns positive, we could see a strong push higher.
Technical analysis points to significant upside potential. Price action suggest XCN price could rally by 124%, potentially moving from around $0.02 up to $0.04.
The next few days are critical. A successful bounce off the trendline could kick off the projected rally. However, if XCN falls back below this level, it risks returning to its previous range. As with any crypto trade, proper risk management is essential.
