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The Onyxcoin price surged 15% in the past 24 hours to trade at $0.01916 as of 4:52 p.m. EST, with trading volume skyrocketing 527% to $196 million.
The surge in the XCN price has pushed the crypto to the top of CoinMarketCap’s trending list.
Top trending tokens on CoinMarketCap (Source: CoinMarketCap)
Onyxcoin Price Recovering, Aims For A Breakout
The XCN price is currently consolidating within a descending triangle pattern, a generally bearish formation that consists of a series of lower highs (as seen from points A to C) and a relatively horizontal support level around the $0.01000 mark (points B and D).
This pattern suggests that sellers are becoming increasingly aggressive while buyers continue to defend a key support zone.
The triangle structure has been forming since the large spike in early 2025, after which the Onyxcoin price action began to compress downward into the apex of this triangle. The formation is very clean, with clearly defined touches on both the descending resistance and horizontal support.
The current price of Onyxcoin is trading just below the most recent swing high (point C), indicating that bulls are attempting to challenge the descending resistance once again, according to GeckoTerminal data. However, until a breakout occurs, the overall structure remains bearish.
Meanwhile, XCN is trading above both the 50 Simple Moving Average (SMA) on the 3-day chart ($0.01497) and the 200 SMA ($0.00496), which is a bullish divergence from the typically bearish implications of a descending triangle.
Moreover, the Relative Strength Index (RSI) is currently at 55.87, a neutral-to-slightly bullish level. It shows momentum shifting gradually toward buyers without reaching overbought levels. This positioning leaves room for a breakout to the upside if momentum accelerates.
The Moving Average Convergence Divergence (MACD) line (blue) has crossed above the signal line (orange) as well, with green histogram bars building. This bullish crossover is an early indicator of strengthening positive momentum.
XCN Price Prediction
If buyers push the XCN price above the descending resistance line (near $0.022–$0.024), the breakout could invalidate the bearish pattern and spark a short squeeze-style rally.
In this bullish breakout scenario, potential targets include the $0.030–$0.035 zone, based on the measured move of the triangle’s height added to the breakout point.
However, if the Onyxcoin price fails to break out and falls below the key support at $0.01000, it could trigger a sharp downward spiral.
The breakdown target in such a case could lie around $0.00500–$0.00600, in line with the triangle height subtracted from the support level, and close to the 200 SMA.
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