XCN, also referred to as Onyxcoin, has recently been the most-talked-about cryptocurrency making headlines with a whopping 149% upsurge within 24 hours. Within the last week, it has surged close to 400%, with monthly gains standing over 1,195%. Such performance has brought about immense speculation that its growth will only keep scaling upwards.
What is XCN?
XCN is the governance and utility token of Onyx, and with this, holders can have benefits in staking governance, and on-chain transactions. It also acts as a method of payment for services using Onyx and Chain.com. Its staking benefits holders with a 75% discount on Chain.com services.
The Onyx ecosystem announced an artificial intelligence tool known as Chain.ai, meant to help smart contract developers. This innovation in addition to the Onyx protocol dApp protocol upgrade is meant to accommodate increased traffic and scale with demand. It has boosted investor confidence.
Market Performance and Indicators
Currently, XCN is trading at $0.029, a far cry from its last all-time high of $0.1841 in June 2022. The token’s circulating supply has surged to over 48 billion and the market cap jumped 1,328% in the last day and stands at about $1.3 billion. Most of trading occurs on Coinbase with 37.42%, a clear testament to the popularity this token experiences among traders.
Significantly, XCN futures open interest soared 24% over the past 24 hours to $20.7 million, primarily at the Bybit exchange. According to analysts, speculative trading along with recent governance resolutions have provided the primary impetus behind the demand surge.
Factors Behind XCN’s Surge
It has surged due to several positive developments:
- Governance Resolutions: The Onyx DAO has resolved the long-standing issue with HTX Global and Justin Sun by deploying OIP-51 to give HTX exchange market support for XCN.
- Institutional Support: Listing on major exchanges, such as Coinbase, enhanced the credibility as well as liquidity of the token.
- Protocol Improvements: The upgrade on the Onyx protocol and the Chain.ai integration put XCN on the mainstream map for DeFi.
- Macro Patterns: Technical analysts have noted that XCN has broken out of a cup-and-handle pattern, so there is further upside.
Risks and Short-Term Forecast
While XCN’s RSI is now crossing the 70% mark on the weekly chart—a bullish phenomenon—it is prone to a short-term correction. According to analysts, there is also a possibility that the token might be down 30% shortly in the case of head-and-shoulders formations and the like. Immediate support lies at $0.0166.
Bigger Picture
This also gives hope for XCN because the adoption of Onyx Protocol as a safe credit and loan platform in the DeFi space is increasing. Onyx ensures safe lending and borrowing through algorithmic money markets and over-collateralization.
Conclusion
This recent XCN rally is proof of the liquidity of the crypto market. Innovation, governance, and speculative trading can significantly affect a token’s performance. For the coming weeks, it will be one of those tokens to look out for in Onyx’s steady growth and development.
Investors must be wary and watch market trends and technical indicators in case corrections are made.
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