Another Onyxcoin Breakout In Play As Sell Pressure Drops 90%? Charts Show the Path
Onyxcoin is showing signs of a potential breakout as selling pressure has dropped over 90% and whales are re-accumulating within a bullish falling wedge pattern.Summary
Onyxcoin (XCN) price action is at a critical juncture following a 70% rally and subsequent 40% correction. Despite the pullback, the underlying structure remains bullish, trading within a falling wedge pattern on the 12-hour chart, which typically resolves with an upside move targeting a 38% breakout.
Underlying indicators suggest easing downside risk: selling pressure, measured by daily exchange inflows, has collapsed by over 90% in two days, indicating that sell-side pressure has dried up. Furthermore, large wallets (whales) briefly distributed but have since resumed re-accumulation near support levels.
For the bullish setup to be confirmed, XCN must break key resistance levels. A move above $0.0093 signals a wedge breakout attempt, with strong confirmation above $0.0098 potentially leading to a target near $0.0124 (a 38% gain). Invalidation of this structure would occur if the price breaks below the 20-EMA and support at $0.0077.
(Source：BeInCrypto)