XCN's 40% Surge: Can the Rally Last?

XCN rallies over 40%, but can it hold on to these gains?

XCN, the native token of the Cross-Chain Network, has surged by over 40% in recent days, leading investors to wonder if this rally can be sustained. While the token's price has been on an upward trajectory, there are concerns about the underlying fundamentals that could impact its long-term prospects.

One of the main factors driving XCN's rally is the broader market recovery, as major cryptocurrencies have also seen significant gains. However, the token's price action may not be solely driven by strong demand, as indicated by a decline in trading volume. This suggests that the rally could be short-lived, and investors should be cautious about expecting a sustained recovery.

Moreover, XCN's negative Balance of Power (BoP) indicates that bearish pressure remains dominant, despite the recent price hike. This suggests that selling pressure is still prevalent, and a trend reversal could be in the cards if this bias persists.

Analysts have also raised concerns about XCN's low demand, which could limit its ability to hold on to recent gains. If demand remains low, XCN's value could drop to $2.13, or even lower to $1.48, which is a level it last reached in November.

However, if XCN's demand resurges, the token's price could climb toward $2.94, invalidating the bearish outlook. Investors should closely monitor the token's price action and fundamentals to make informed decisions about their holdings.