The cryptocurrency market is on a roller coaster ride, and XCN/USDT is creating a buzz among investors. In the last 7 days, Onyx Coin (XCN) price has given a fabulous return of nearly 475%, with a 1217% surge in trading volume. XCN/USDT has shot up by over 12.8% within 24 hours. The altcoin market capitalization is close to $820 million.
According to Coinglass data, XCN's open interest has surged by 130%, reaching $21 million, doubling since January 21. This significant rise reflects increased market activity and heightened investor interest in the cryptocurrency.
As per coinglass data, The chart highlights a major surge in XCN netflow, reaching $13.99M on January 23, 2025. This sharp rise reflects significant market interest and trading activity, indicating a bullish momentum after a prolonged stable phase earlier in the year.
XCN experienced a prolonged period of consolidation starting in March 2023. On January 16th, the altcoin broke out of its consolidation range. After a 440% surge Onyx Coin form a symmetric triangle pattern. Yesterday a long bullish candle was formed, pushing the price to levels last seen in late 2022.
Onyx coin price is encountering resistance around the $0.030 Fibonacci level. However, a healthy pullback is anticipated before the next upward move. The RSI, currently above 90, also signals a potential retracement. According to the chart, the next target is projected to be in the $0.35-$0.40 range, corresponding to the height of the triangle at its widest point.
Source: Tradingview
Also read: Massive 194K BTC Sell-Off: Is China's Role in Bitcoin Drop?
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
24-03-2025
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