Onyxcoin (XCN) Targets Three-Year Peak as It Leads Market Gains

Source Beincrypto

Onyxcoin (XCN) has surged 22% in the past 24 hours, making it the top-performing asset in the crypto market. The rally began last week and gained momentum following an announcement that the project had resolved its issue with Huobi and Tron founder Justin Sun. 

XCN is now eyeing its three-year high of $0.04, with technical indicators signaling strong upside potential.

Onyxcoin Sees New Gains

Besides the broader market rally, XCN’s price surge is largely fueled by the recent announcement that the Onyx DAO has successfully resolved a longstanding issue with HTX Global and Justin Sun. Trading at $0.03 at press time, XCN’s price has since climbed by 76% as demand strengthens.

Its Relative Strength Index (RSI), assessed on a one-day chart, confirms this growing demand. At press time, the key momentum indicator is in an upward trend at 64.78. 

XCN RSI. XCN RSI. Source: TradingView

This indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100, with values above 70 indicating that the asset is overbought and due for a correction. Conversely, values below 30 suggest that the asset is oversold and may witness a rebound.

At 64.78, XCN’s RSI suggests that the asset is in a strong bullish phase, with increasing buying pressure. As the RSI continues to rise, XCN’s demand is growing, and the upward momentum may continue unless it approaches overbought levels.

Notably, XCN has recorded spot inflows for the first time since January 27. According to Coinglass, this currently stands at $1.04 million, reflecting the buying activity in the market.

XCN Spot Inflow/Outflow.XCN Spot Inflow/Outflow. Source: Coinglass

When an asset records spot inflows, more traders buy it directly on exchanges rather than through derivatives, signaling strong demand. This increased buying pressure typically drives prices higher as more investors accumulate the asset.

XCN Price Prediction: Aiming for $0.04 or Facing Reversal?

The daily chart shows XCN trades just below the resistance at $0.038. If buying momentum strengthens, it could break above this price level. 

A successful breach of the resistance could propel XCN to $0.049, a three-year high that it recently revisited on January 26.

XCN Price AnalysisXCN Price Analysis. Source: TradingView

However, if market participants resume profit-taking, this bullish thesis will be invalidated. In that scenario, XCN’s value could drop to $0.021.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Gold is on track for 2% weekly lossGold lost more ground on Friday, putting the precious metal on course for its sharpest weekly slide in almost two months.
Author  Cryptopolitan
13 hours ago
Gold lost more ground on Friday, putting the precious metal on course for its sharpest weekly slide in almost two months.
placeholder
Bitcoin Profit Taking Explodes: 12x More Gains Than Losses Hitting ExchangesOn-chain data shows the ratio between the Bitcoin profit and loss being sent to exchanges is approaching euphoric bull market levels.
Author  Bitcoinist
13 hours ago
On-chain data shows the ratio between the Bitcoin profit and loss being sent to exchanges is approaching euphoric bull market levels.
placeholder
ADA and AVAX share bearish outlooks after the SEC delays ETFsCardano (ADA) and Avalanche (AVAX) are down 5% to 8% in the last 24 hours, respectively, at press time on Friday, in the aftermath of the US Securities and Exchange Commission (SEC) delaying the decission over the Cardano and Avalanche Exchange Traded Funds (ETFs) filings on Wednesday.
Author  FXStreet
14 hours ago
Cardano (ADA) and Avalanche (AVAX) are down 5% to 8% in the last 24 hours, respectively, at press time on Friday, in the aftermath of the US Securities and Exchange Commission (SEC) delaying the decission over the Cardano and Avalanche Exchange Traded Funds (ETFs) filings on Wednesday.
placeholder
Tariff Uncertainty Rises Again, Stocks SlideAsian stocks were mostly lower on Friday as global tariffs faced uncertainty again.
Author  Insights
14 hours ago
Asian stocks were mostly lower on Friday as global tariffs faced uncertainty again.
placeholder
Pound Sterling corrects against US Dollar after US court reinstates Trump tariffsThe Pound Sterling (GBP) drops to near 1.3475 against the US Dollar (USD) in Friday’s European trading session.
Author  FXStreet
15 hours ago
The Pound Sterling (GBP) drops to near 1.3475 against the US Dollar (USD) in Friday’s European trading session.
goTop
quote