After peaking at $0.049 in January, XCN saw a decline in value over the following months, dropping significantly to $0.007 by April 7. This downward trend took a turn when demand for the altcoin surged, resulting in a 171% price increase. This positive momentum indicates a potential for further gains.

Following its low point, XCN has made a strong recovery, breaking past a key resistance trend line and experiencing a bullish surge that has led to notable gains recently. The Balance of Power (BoP) indicator on the daily chart supports this upward movement, currently standing at 0.24, signaling a positive market sentiment driven by strong buying activity.

Despite the optimistic trend in spot market sentiment, the derivative traders of XCN hold a negative bias. The token's funding rate was recorded at -0.032%, indicating more demand for short positions and a bearish market sentiment in the derivatives market.

The conflicting signals between buying pressure in the spot market and the negative funding rate in the derivatives market suggest a potential short squeeze if the upward rally continues.

XCN's recent price surge has also pushed it above the 20-day exponential moving average (EMA), a sign of strong buying pressure and a potential uptrend. Traders interpret this crossover as a bullish signal, anticipating a continuation of the rally, with a possible price target of $0.023 if the momentum persists, or a correction to $0.016 if the uptrend falters.