Onyxcoin Price Surges 90% in a Day, What’s Next for XCN?

Onyxcoin Price Takes Off: What’s Fueling The Surge, And Will It Last?

Onyxcoin is getting a lot of attention after going up 90% in one day. In the last week, it has jumped 156%. This big rise has surprised many people in the crypto space. More traders are now watching it. Trading volume is also going up fast. It was a quiet altcoin, but now it’s trending. So, what’s causing this sudden spike—and can it keep going?

Onyxcoin Price Surges 90% in 24 Hours, Up 156% in One Week

It's making big waves in the crypto market. In just 24 hours, its price jumped 90%, and over the past week, it has soared by 156%. The coin is now trading around $0.01221 and attracting lots of attention. The market cap of Onyxcoin has reached $398 million. In the last 24 hours, trading volume exploded by 594%, hitting $150 million. Investors and traders are all asking the same thing: why is it pumping?

Onyxcoin had been in a long downtrend after hitting a high of $0.049 in January. It dropped nearly 85% to a low of $0.007 on April 7. But this week, everything changed. The token broke out of its descending resistance line, a key technical signal. Since then, the price has increased sharply. In just three days, XCN moved from $0.007 to a high of $0.019.

Why Is Onyxcoin Going Up?

Strong technical indicators are driving XCN's rise. For months, the coin was declining, but it eventually created a pattern known as a falling wedge. A breakout is frequently the result of this pattern. Traders immediately began purchasing when the price rose above the pattern and significant resistance levels.

There was no big news or announcements behind the move. The XCN price jump was mostly due to chart patterns and momentum. Indicators like the RSI and MACD turned bullish. The RSI moved above 50, and the MACD went into positive territory, both signs of a possible trend change.

Additionally, more traders are placing bets on XCN in the futures market. Open interest reached its highest level since January, rising from $4.5 million to $27 million. Despite the low level of developer support and DeFi activity for the coin, this indicates strong demand.

The rise in futures trading is another good sign. Open interest in XCN futures has hit $27 million, the highest since January. Earlier this month, it was only $4.5 million. That’s a big jump and shows growing interest from traders.

Can XCN Hit the $1 Mark?

Right now, XCN is far from $1, but some traders believe it could happen in the future. If the project keeps growing and the team becomes more active, the price might climb to $0.030 or $0.035 in the next few months.

There are rumors and bold predictions that XCN could reach $1 one day. While that’s possible, it would take a lot of momentum, strong community support, and major project updates. Other coins have made big moves before, so it’s not impossible.

Still, hitting $1 would mean a massive increase from where the price is now. For that to happen, the crypto market needs to stay strong, and Onyxcoin must show real progress. It’s a long shot, but some are keeping their hopes high.