Key Points
- Onyxcoin’s token (XCN) surged by nearly 36% in a day due to exchange listings and hype around its upcoming product launches.
- The altcoin’s weekly gains have exceeded 195%, making it one of the best-performing crypto assets over the past month.
Onyxcoin’s token, XCN, experienced a significant surge in value recently, increasing by approximately 36% in a single day. The spike was primarily attributed to new exchange listings and anticipation surrounding upcoming product launches.
The token reached an intraday high of $0.0394, resulting in a market cap exceeding $1.16 billion. This occurred on a Thursday afternoon, in Asian time.
Impressive Performance
The rally has pushed the altcoin’s weekly gains to over 195%. Meanwhile, its monthly gains have skyrocketed past 1,400%, placing it among the top-performing crypto assets in the past 30 days.
The rally also triggered an increase in demand and trading activity. The daily trading volume of the altcoin rose by 60% to over $627 million in the past 24 hours. Furthermore, open interest in its futures market climbed by 73% to an all-time high of $38.98 million, according to CoinGlass.
Reasons for the Surge
The surge in XCN’s value followed a teaser by Onyx about its upcoming white paper and the launch of its new blockchain, the Onyx XCN Ledger. Crypto assets often rally in response to major announcements that promote ecosystem growth.
The token was also recently listed on Kraken Pro, allowing users to trade XCN with leverage of up to 20 times. Onyx’s official account also announced that it had been nominated for listing on the Binance Next pool. This platform enables users to predict which tokens will be listed next on Binance’s Futures market.
Another crypto exchange, AscendEX, announced plans to list XCN, further bolstering bullish momentum.
Investor demand for XCN increased after the XCN community passed OIP-52. This move resolved long-standing issues with HTX Global and Tron founder Justin Sun. The yet-to-be-deployed proposal will see Sun and HTX participate actively in Onyx DAO governance.
XCN Technical Analysis
The daily chart shows that the XCN price has gone parabolic and is positioned above the 50-day and 200-day moving averages. This indicates that buying pressure remains high. Typically, when the 50-day MA is also above the 200-day MA, assets tend to continue their rally over the upcoming days.
The MACD lines are pointing upwards, while the Supertrend line remains below the asset’s price. Both signs indicate a strong uptrend. The Chaikin Money Flow index remained positive, suggesting a continuous inflow of capital into the XCN market.
However, the token’s Relative Strength Index has been hovering in the overbought zone above 70 since Jan. 15. This raises the possibility of a potential pullback or consolidation if buying momentum starts to decrease.
Based on the current momentum, XCN bulls could likely target the psychological resistance at $0.04 next. They could subsequently retest the $0.047 resistance, which it failed to breach earlier this week.
