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Onyxcoin (XCN) is once again on tradersā radar. Currently trading near $0.0105, the XCN price has corrected more than 33% over the past three months, yet its year-on-year performance still sits above 700%.
That longer-term uptrend keeps traders revisiting the chart, and now a familiar technical setup is emerging ā one that could hint at another rally, provided one key signal confirms.
While retail sentiment has cooled, whales have quietly accumulated. Since August 29, large wallets have added about 120 million XCN tokens, worth roughly $1.27 million at current prices. Notably, this buying came as prices slipped, suggesting whales are positioning early for a rebound.
XCN Whales Buying The Dip: Santiment
This pattern of dip-buying has often preceded broader recoveries in crypto markets, as it signals confidence from the largest holders even when price action looks weak.
But what are whales seeing that others donāt? The mystery unfolds in the next section.
Want more token insights like this? Sign up for Editor Harsh Notariyaās Daily Crypto NewsletterĀ here.
What excites traders most is a recurring technical pattern. A bullish divergence occurs when price makes a lower low while the Relative Strength Index (RSI) ā which measures momentum ā makes a higher low. This often signals that sellers are losing strength, even though prices keep dropping.
XCN Price Fractal: TradingView
The current XCN price might be experiencing something similar.
Now, between August 15ā25, the same divergence has formed again. Prices corrected after, but if history repeats, another 100% move (at least) may be in play. One caveat: in both prior cases, the rally was delayed until buyers fully took control, highlighted by the Bull-Bear Power indicator flipping green. Thatās the signal traders would be eyeing for now.
This means that the XCN price may not trigger immediately.
The chart has trended lower since July, so Fibonacci retracement levels from the July peak are guiding key levels. At present, holding above $0.010 is crucial. Losing that would expose supports near $0.0093 and even $0.0075.
XCN Price Analysis: TradingView
On the upside, the first resistance for the XCN price lies at $0.0125. Clearing it would open the way toward $0.02, a level tested in past rallies. If bulls manage to push above $0.02, the next target stands at $0.027, echoing even Marchās rally.
In short, whale accumulation plus a recurring divergence gives the XCN price a bullish setup, but confirmation is needed. Unless buyers reclaim momentum on the daily chart, the fractal will remain just potential ā not confirmed. And losing $0.009 can even invalidate the same.
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