Onyxcoin (XCN) Price Prediction | Bulls Defend Key Support Again

[00:00:01]XCN is currently trading around 0.00365 and the support retest that we were waiting for has finally taken place.

[00:00:12]The market has reacted exactly as anticipated with buyers stepping in at support and producing a bounce.

[00:00:19]While the breakout above the descending trend line has not yet been fully confirmed, the overall setup continues to improve as long as the key support remains intact.

[00:00:31]In the previous update, we explained that XCN had missed a proper retest of the major support after its initial recovery attempt.

[00:00:39]We also adjusted the descending trend line by drawing it from wick to wick instead of body to body, giving us a more accurate picture of the bearish structure.

[00:00:48]That adjustment has now proven useful.

[00:00:50]Price returned to the major support around 0.0035, successfully completed the retest, and bounced from the level.

[00:00:59]This is exactly the type of reaction buyers needed to produce because strong support zones often become the foundation for the next recovery attempt.

[00:01:08]Following the bounce, XCN managed to break above the descending trend line.

[00:01:13]However, the second follow-up candle has slipped back below the trend line, meaning the breakout has not yet been fully confirmed. This does not automatically invalidate the bullish setup, but it does mean traders should wait for stronger confirmation before assuming that the downtrend has officially ended.

[00:01:31]The encouraging part is that the support continues to hold as long as buyers continue defending the 0.0035 area, the probability remains high that XCN will make another attempt to break above the descending trend line.

[00:01:50]Markets often require multiple attempts before successfully breaking an important technical barrier, especially after a prolonged downtrend.

[00:02:00]The descending trend line remains the final obstacle. A confirmed breakout with strong daily candle closes above the trend line would signal that sellers are losing control and buyers are beginning to shift the market structure back in their favor. If that confirmation arrives, the next upside target becomes the major resistance around 0.0042.

[00:02:24]This resistance has rejected price several times in the past, making it the next logical destination for buyers if the current recovery continues.

[00:02:34]At the same time, traders should continue respecting the invalidation level.

[00:02:40]The bullish recovery scenario remains valid only while the major support around 0.0035 continues holding.

[00:02:49]If daily candles begin closing below that support, the current setup would fail and the bearish trend would likely resume. For now, the technical roadmap remains straightforward. XCN has finally completed the long-awaited retest of the major support and produced a healthy bounce.

[00:03:08]Although the first breakout above the descending trend line has not yet been confirmed, the support continues showing strength, which keeps the bullish scenario alive.

[00:03:20]As long as price remains above 0.0035, buyers have a good opportunity to break above the trend line and target the next major resistance around 0.0042.

[00:03:32]A confirmed daily close below support would invalidate this bullish outlook and return control to the sellers.