Onyxcoin price stays considered one of the strongest moves this month, but recent developments paint a more nuanced story. XCN continues to be up nearly 97% within the last seven days, but this headline gain masks a significant market shakeout. Since January 6, the token has corrected by around 36% after briefly touching the $0.0130 level.
This retreat didn’t destroy the structure. Instead, XCN price is now consolidating inside a bullish flag after rising over 4% on the day as major holders intervene and selling pressure eases. The key query is whether or not XCN will have the option to initiate the explosive breakout it has been searching for for a while.
The bullish flag stays in place as key signs emerge
On the day by day chart, Onyxcoin is consolidating inside a classic bull flag pattern. After a robust vertical move, a bull flag forms, followed by a downward range that enables the value to chill without breaking the broader trend. XCN is currently trading near the upper limit of this flag, indicating that pressure is increasing.
A breakout of key resistance at $0.0095 could trigger the 218% breakout path, the pole's measured move.
XCN Breakout Structure: TradingView
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Moving averages add context. An exponential moving average (EMA) adds more weight to current prices and helps track short-term trend shifts. Onyxcoin's 20-day EMA is now rising towards the 100-day EMA, signaling a possible bullish crossover if the momentum continues.
EMA support: TradingView
The 200-day EMA is especially essential here. During the previous rally that began in late December, XCN accelerated after the value regained this long-term trendline. The price is moving near this level again. A transparent move above the 200-day EMA would strengthen the case for a flag breakout and make sure that buyers remain on top of things.
So far, the value has not broken the bullish pattern despite the 36% decline that began on January sixth. This appears to be a consolidation and never a rejection.
Whale stocks are increasing as selling pressure eases
On-chain data supports the bullish setup.
After the XCN price correction on January sixth, whales began accumulating their holdings. Wallets with large Onyxcoin balances increased their total holdings from about 42.26 billion XCN to about 42.55 billion XCN. This is an addition of nearly 290 million XCN tokens in the course of the consolidation.
At current prices, this accumulation represents about $2.6 million in buying pressure. More importantly, it began right when the value was declining, suggesting that whales were buying the dip relatively than exiting the strength.
Exchange data supports this view. Exchange inflows, which track the variety of tokens sent to exchanges and sometimes signal an intent to sell, peaked on January sixth. This increase was accompanied by a fall in prices. Since then, foreign exchange inflows have plummeted from around XCN 1.53 billion to around XCN 51 million, a decline of virtually 97%.
This sharp decline signals that selling pressure has eased. Fewer coins reach the exchanges and a bigger supply stays outside the market. Combined with the buildup of whales, this creates a supply-shortage environment that encourages continuation relatively than collapse.
Key Onyxcoin price levels that may determine the breakout
The first Onyxcoin price level to look at is $0.0090, which is closely in keeping with the 200-day EMA. Staying above this level will keep the bullish structure intact and increase the breakout possibilities.
The actual trigger zone is $0.0095. A day by day close above this level would confirm a breakout from the upper flag trendline. If that happens, the value could retest $0.0130, the recent local high and first major resistance.
On the downside, $0.0083 is the important thing support. A lack of this level would weaken the flag structure and suggest that the consolidation is failing. Below that, $0.0069 becomes critical. A sustained move below this zone would completely invalidate the bullish setup.
Onyxcoin stays in balance for now. XCN price is consolidating, whales are piling in, and selling pressure has eased significantly. Whether this becomes an explosive breakout depends upon how Onyxcoin price reacts around flag resistance and long-term moving averages.
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Article source: beincrypto.com
The post Onyxcoin Price Prediction: 290 Million Whale Buys Give a Crucial Clue appeared first on Crypto Adventure.
