The digital currency industry has been abuzz with activity, and Onyxcoin (XCN) is no exception. The recent price fluctuation of Onyxcoin on the hourly chart indicates an amazing combination of bullish momentum and critical levels of support and resistance. Onyxcoin (XCN) price witnessed a massive 800% rally in 2 weeks, extending its monthly rally to around 2000%. The resolution of the long-standing issue with HTX Global and Justin Sun is the main reason behind the notable price fluctuations of Onyxcoin (XCN).
The Recent Onyxcoin(XCN) Price Performance
The hourly chart of Onyxcoin indicates a stable upward trend, with the value currently hovering around the $0.045 mark. This represents a significant gain over 300%. In just two weeks, the price has surged around 800% and the Onyxcoin has extended its rally to around 2000% in the previous month.
The 24-hour low is $0.0263 and high is $0.04839. There is a massive change in the trading volume of Onyxcoin. The trading volume has surged significantly over the last week, with a 98% further increase in the past 24 hours. In particular, the trading volume of Onyxcaoin has surged to $1.60 billion today from just $100 million in the previous week.
When we look into the last 24 hours’ trading volume, Onyxcoin has even taken over Bitcoin (BTC), Solana (SOL), and XRP (Ripple) in trading volume. Additionally, Onyxcoin’s future open interest also witnessed a notable 45% increase over the last 24 hours.
The Relative Strength Index (RSI), a key momentum indicator, hovers around 81.20, positioning XCN in the overbought category. An RSI above 70 indicates overbought situations, which could result in a short-term pullback or consolidation as traders take profits. However, in the case of Onyxcoin, the strong and overbought momentum remains extended during the rally.
Reasons Behind the Massive Gains of Onyxcoin(XCN) Price
The massive price surge of Onyxcoin (XCN) is due to the resolution of a dispute from the year 2022 event associated with Justin Sun and HTX Global. Sun and HTX became a part of DAO when the OIP-51 proposal was deployed passing, with Onyxcoin locked for around two years and a public acknowledgment of the major news by Justin Sun.
Onyx has collaborated with many platforms including blockchain infrastructure platform Chain. Chain clients who leverage Onyxcoin (XCN) for payment towards any goods or services will be getting a 30% exclusive discount.
Another reason for the price surge is that the platform provides gas refunds on staking, voting, and rewards.
What Could Drive Onyxcoin’s Next Move?
There are many factors that could affect the price of Onyxcoin in the upcoming hours and days. Let’s examine those factors below:
- Market Sentiment: The wider digital currency market’s sentiment will play a pivotal role in price fluctuations. The price of Bitcoin is currently moving, and the continuation of the upward price momentum of Bitcoin could spill over to altcoins like Onyxcoin (XCN).
- Volume Dynamics: The hourly chart of Onyxcoin indicates increasing volume during breakouts, this represents a bullish sign. Sustained high volume will be crucial for confirming further upward moves.
- Profit-Taking: Since the Relative Strength Index (RSI) is in an overbought category, some traders may start to take profits, resulting in short-term price declines or consolidation.
Is XCN Value Heading for a Correction or Rally?
Since the current overbought RSI and the resistance hovering around $0.050, the altcoin Onyxcoin may face a temporary consolidation or pullback to the $0.030 – $0.035 range. This approach may allow the crypto market to reset before igniting another rally. However, the purchasing pressure remains strong and the price of Onyxcoin (XCN) goes beyond $0.050 with significant volume, which could indicate the beginning of a new leg up, potentially targeting $0.065 or higher.