bitcoinlfg

Tag: XCN

  • Will Onyx V2 spark a bullish breakout in XCN price?

    Will Onyx V2 spark a bullish breakout in XCN price?

    A Healthy Bull in green Environment

    • Onyxcoin (XCN) price is around $0.015, down 19% over the past week.
    • XCN is under pressure as the broader market battles fresh selling as traders book profits.
    • Onyx V2’s anticipated launch and the regulatory clarity provided by the CLARITY Act could be a bullish catalyst.

    Onyxcoin (XCN), the native token of the web3 protocols ecosystem Onyx, is experiencing the downside pressure that currently engulfs the broader crypto market. Celestia is among the altcoins to see 24-hour losses.

    As of writing, XCN is trading at $0.01538, with a 24-hour trading volume of over $38 million.

    While the market cap has dipped to $527 million, the slight uptick in daily volume indicates a notable level of market interest.

    Onyx eyes traction with V2 ahead of CLARITY law

    The Onyx ecosystem is gearing up for a significant upgrade with the impending launch of Onyx V2, aimed at enhancing compliance and functionality.

    According to a recent announcement by OnyxDAO on X, the launch of Onyx V2 is designed to meet the highest compliance standards under the United States’ crypto markets regulation CLARITY Act.

    The CLARITY Act, formally known as H.R. 3633, aims to provide a clear regulatory framework for digital assets by distinguishing between digital commodities, securities-like assets, and stablecoins.

    As Onyx notes in its post on X, the V2 rollout will position XCN “as a Digital Commodity Token within a Mature Blockchain System.”

    Potentially, this means broadening the project’s appeal to institutional investors amid broader regulatory compliance.

    Onyx has cautioned the community that there will be no token swaps, with users asked to beware of scams and fake airdrops.

    Onyxcoin price outlook

    The anticipation surrounding Onyx V2 could spark considerable interest in XCN, hence catalyzing an upward flip.

    Among market outlook indicators traders are watching to gauge potential price movements is open interest.

    While XCN derivatives have seen a slight decrease in OI, the weighted funding rate remains positive. Derivatives volume, which reflects trading activity in futures and options, has also fallen 14% to around $25 million.

    From a technical point of view, indicators on the daily chart further support a short term bearish strength.

    The Relative Strength Index (RSI) for XCN is currently at 43, not yet oversold. However, it is downsloping to suggest sellers could gain momentum.

    Onyxcoin XCN Price
    XCN price chart by TradingView

    Meanwhile, the Moving Average Convergence Divergence (MACD) shows a bearish crossover, with the MACD line crossing below the signal line. XCN price is also near the support line of a falling wedge, and a drop could extend losses.

    Interestingly, Onyxcoin is down 19% over the past week and has pared most of the gains seen when price jumped to highs of $0.02 in mid-July.

    XCN is nonetheless more than 914% up in the past year. While this suggests a bullish trend amidst broader market volatility, price is near a critical support level.
    Share this article
    Categories
    Tags



    Source link

  • How high can XCN go?

    How high can XCN go?

    onyxcoin, XCN

    • XCN’s recent price action is nothing short of remarkable.
    • Over the past seven days, Onyxcoin has skyrocketed by more than 150%.
    • Its market cap has more than doubled, now sitting at around $700 million.

    Onyxcoin (XCN) is making headlines once again after an explosive rally, surging over 60% in the past 24 hours.

    The altcoin has officially cracked the top 100 cryptocurrencies by market cap, signaling renewed investor interest and strong bullish momentum.

    As XCN gains traction, many traders are now wondering: how high can it go?

    Massive weekly gains fuel XCN hype

    XCN’s recent price action is nothing short of remarkable.

    Over the past seven days, Onyxcoin has skyrocketed by more than 150%, with the majority of those gains occurring within the last 48 hours.

    Its market cap has more than doubled, now sitting at around $700 million.

    XCN price chart by CoinMarketCap

    Such rapid growth reflects a major shift in sentiment, especially after former President Donald Trump announced a temporary pause on tariffs for most countries, easing broader economic uncertainty.

    Notably, XCN’s trading volume has exploded. Daily volume has tripled in just three days, marking a 200% increase.

    Over the past week, trading activity has surged by an impressive 1,200%, pushing Onyxcoin ahead of bigger names like Avalanche (AVAX) in terms of trading interest.

    This dramatic rise in volume is often seen as a key indicator of strong market support.

    XCN price prediction: what’s next?

    Given its current momentum, analysts believe XCN could test higher resistance levels if bullish conditions continue.

    Given its current momentum, analysts believe XCN could attempt to retest higher resistance zones.

    If buying pressure holds, XCN could aim for a short-term target between $0.025 and $0.030, depending on broader market trends.

    However, if profit-taking kicks in, a healthy correction could bring the price back toward key support around $0.018 to $0.020.

    On a longer timeframe, if Onyxcoin maintains its active trading volume and positive market sentiment, there’s potential for the token to revisit previous highs set before broader crypto market turbulence.

    However, traders should keep a close eye on Bitcoin (BTC) and Ethereum (ETH) price trends, as XCN’s performance could remain sensitive to movements in major assets.

    Invest with caution

    While the recent rally is exciting, it’s essential to remember that cryptocurrency investments carry significant risk.

    Prices can be extremely volatile, and while XCN shows strong upside potential, sudden reversals are always possible.

    Always do your research (DYOR) and consider consulting a financial advisor before making any investment decisions.

    Onyxcoin’s breakout highlights how fast market dynamics can shift in the altcoin world.

    With surging volume, a rebounding market environment, and growing investor attention, XCN looks poised for more action.

    However, staying informed and cautious is key to navigating the unpredictable crypto landscape.

    Share this article
    Categories
    Tags

    Source link

  • XCN defies Bitcoin and Ethereum slump with 97% spike

    XCN defies Bitcoin and Ethereum slump with 97% spike

    • Onyxcoin (XCN) has risen 97% in the past 24 hours as altcoins enjoy massive buying pressure.
    • The XCN price bucks the trend that saw Bitcoin and Ethereum down after notable gains a day earlier.
    • Tariffs and other market conditions weigh on investor sentiment.

    Onyxcoin (XCN) has defied a dip for Bitcoin, Ethereum, and top altcoins with an impressive 97% over the past 24 hours.

    In a price rally that put it on top of the daily gainers’ list, XCN shot up to an intraday high of $0.017.

    The performance bucks the downward pressure that has seen Bitcoin (BTC) and Ethereum (ETH) pare gains from a day ago with dips below $80k and $1.5k, respectively.

    XCN price performance

    The XCN token’s standout performance sees it outpace Flare, Kaspas, and Walrus, among other notable gainers.

    According to data from CoinMarketCap, XCN is currently trading at $0.017, with its volume up 1,230%.

    XCN chart by CoinMarketCap

    The token’s market, though tiny at $531 million, is up 97% and puts Onyxcoin in the top 100 by market cap.

    XCN has flipped Floki and CORE, which currently rank 100th and 99th by market cap, respectively.

    Onyxcoin’s massive spike comes despite a broader risk market downturn in the past 24 hours.

    BTC, ETH, and other coins’ dip has seen the global cryptocurrency market cap drop by 3.9% to $2.52 trillion.

    Volume is down 20% to about $127 billion as crypto mirrors losses on Wall Street.

    Overall market outlook

    Crypto and the stock market rose sharply on Wednesday after US President Donald Trump changed his tariffs stance.

    His announcement of a 90-day pause sent risk assets skyrocketing, with Bitcoin’s price breaking to above $82k.

    S&P 500 and the Dow Jones Industrial jumped, rising by historic single-day gains.

    However, the S&P 500 and Dow opened lower on Thursday and looked to close lower with 3.2% and 2.4 %, respectively.

    Dow was down more than 900 points.

    On Thursday, Trump announced an additional 25% tariff on China, bringing this to 145%.

    After excluding it from the 90-day pause, analysts say the trade war will continue to hurt optimism.

    This looks to be the case as stocks sold off despite the latest inflation report that showed CPI dropped to 2.4% against an expected 2.6%.

    While this sees many turn to the Federal Reserve for expectations of interest rate cuts, analysts are pointing to “sticky” prices and tariff impact for likely pressure on equities and crypto. Analysts point to a potential bull trap.

    Peter Schiff said via a post on X:

    “I’ve never seen such a mass selloff of US assets. The US dollar, bonds, and stocks are all getting killed. I can’t remember when the dollar lost 3.5% against the Swiss franc in one day. America’s ride on the global gravy train is about to come to a screeching halt. Buckle up.”

    Share this article
    Categories
    Tags

    Source link