Onyxcoin (XCN) Surges 30% as Market Recovers with Analyst Predicting 300% Growth
Onyx Protocol’s native token Onyxcoin has increased by over 30% in 24 hours, trading around $0.011 after breaking out of a consolidation zone since early April.
Key points:
- The token had been stagnant between $0.008 and $0.01 for ten days.
- Despite macroeconomic concerns from US tariff policies, large holders did not sell, indicating confidence in the token.
- XCN's market cap is $362 million, ranking 123rd on CoinMarketCap, with nearly fivefold growth since January.
- Onyx's institutional strategy includes the Goliath Mainnet, offering fast settlements and security.
- The Onyx Points Program provides significant liquidity rewards, attracting hedge funds and VCs.
XCN Price Outlook
XCN's price chart indicates it has surpassed the middle Bollinger Band, moving towards the upper band, signaling potential breakout if buying pressure continues. Key resistance levels are:
- $0.0126
- $0.0155
Current RSI is at 53.94, showing bullish momentum without being overbought, while MACD indicates early bullish signals with a narrowing histogram.
Bullish Predictions
Analyst Javon Marks predicts a possible rally that could drive XCN to $0.045, representing a potential increase of nearly 300%. He suggests a long-term target of $0.1816, based on emerging bullish patterns.