Onyxcoin (XCN) Surges 30% Following Market Recovery
Onyxcoin (XCN), the token for Onyx Protocol, has increased by 30% in one day, reaching $0.03141 after a market recovery. The altcoin has risen approximately 2,300% over the past year.
Key points:
- The price surge is attributed to the launch of the new Layer 3 blockchain network, XCN ledger, designed for financial-grade applications with low fees and fast confirmations.
- XCN serves as the gas token on this network, integrating EIP-1559 which promotes a deflationary model through transaction burns.
- The XCN Ledger is built on Arbitrum Orbit for scalability and uses Base blockchain for economic transactions.
- A non-custodial, gas-free wallet for users will be introduced soon.
- XCN targets a price of $0.04, a level not reached in three years, despite being down 83.02% from its all-time high of $0.1841 in 2022.
- The cryptocurrency has gained 1109.51% in the last 30 days, currently facing resistance at $0.038.
- Technical indicators show a bullish trend, but the RSI indicates a slight decline in buyer demand, while MACD suggests a bearish divergence.
