Onyxcoin Surges 125% Following Mainnet Launch and Upcoming Smart Wallet
Onyxcoin (XCN) has experienced a significant price surge, increasing over 125% to reach a local high of $0.0212 before settling at $0.02017. The current market cap stands at $672 million, ranking XCN 81st on CoinMarketCap, though it remains nearly 90% below its all-time high of $0.1841.
Key Drivers of the Rally
- Launch of Onyxcoin’s Goliath Mainnet, introducing a Proof-of-Stake mechanism aimed at enhanced transaction speeds.
- Speculative capital influx driven by traders responding to breakout signals.
- Upcoming launch of the Onyx Smart Wallet offering gas-free transactions and passkey wallet access exclusively for the XCN Ledger.
Technical Analysis
XCN is trading at $0.01997, with bullish indicators noted:
- Price above the 20-day EMA at $0.0145.
- RSI at 71.76 suggests strong bullish momentum but potential for mild correction.
- MACD line rising above the signal line indicates increased buying pressure.
- Fibonacci levels set resistance targets at $0.02452 (0.236 Fib), $0.03195 (0.382 Fib), and $0.04245 (0.618 Fib).
- 3.618 and 4.236 Fib extensions indicate potential highs of $0.18–$0.21.
The Balance of Power indicator is neutral, suggesting buyers retain control but are facing growing competition. A push above 0.2 could indicate a strong bullish trend, while a drop below zero may suggest profit-taking.
XCN Price Chart | Source: TradingView