Onyxcoin (XCN) has emerged as a strong contender in the cryptocurrency market, posting a remarkable 22% price increase in the last 24 hours, making it the top performer in the space. This surge follows the Onyx DAO’s successful resolution of a longstanding issue with Huobi and Justin Sun, the founder of Tron. As a result, XCN is now targeting a three-year peak of $0.04, fueled by solid technical indicators and growing demand from market participants.
The latest boost in XCN’s price is a combination of a general market rally and specific factors tied to the Onyxcoin project. At the time of writing, XCN is trading at around $0.03, marking an impressive 76% rise in value. This uptick signifies increasing demand for the token, reflecting broader confidence in the project’s potential.
Key to understanding XCN’s price movements is its Relative Strength Index (RSI), a technical indicator used to measure market momentum. Currently, the RSI is at 64.78, showing a strong bullish trend. This figure suggests that XCN is in the midst of an upward momentum phase, with buyers continuing to show significant interest. Typically, when the RSI crosses 70, an asset may be overbought, signaling the potential for a price correction. However, as long as the RSI remains below this threshold, the upward trend is expected to persist, and further gains could be in the cards for XCN.
In addition to this, Onyxcoin has seen spot inflows of $1.04 million, marking the first time since January 27 that the coin has seen such direct buying activity. Spot inflows occur when traders buy an asset directly on exchanges rather than through derivatives or futures, signaling increased market confidence. This development highlights the growing demand for Onyxcoin and suggests that the recent rally could continue if the trend persists.
The daily chart reveals that XCN is approaching a critical resistance level at $0.038. If buying momentum holds strong, the coin could break through this resistance and target the next price point at $0.049, a level last touched on January 26. Achieving this price would set a new three-year high for Onyxcoin, signaling further growth and attracting additional market attention.
However, the path to this potential high is not without risks. If profit-taking activity resumes or selling pressure builds up, XCN could see a price reversal. In this scenario, the coin may revisit its previous support level of $0.021, which would dampen the current bullish outlook. As with all cryptocurrencies, Onyxcoin’s price is subject to volatility, and any number of factors could influence its short-term trajectory.
Technical indicators such as the RSI and spot inflows point to strong bullish momentum, suggesting that XCN has a solid chance of reaching new price highs in the near term. However, the possibility of profit-taking or broader market corrections means that traders and investors should remain cautious and watch for signs of weakness.
In conclusion, Onyxcoin is currently one of the strongest-performing assets in the cryptocurrency market, benefiting from positive developments and rising market demand. The successful resolution of key issues with Huobi and Justin Sun has propelled the coin toward new highs, and technical indicators point to continued upside potential. However, the market remains volatile, and careful monitoring of key resistance levels and momentum is essential for those looking to capitalize on XCN’s price movements.
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