Onyxcoin’s 39% Growth: What’s Behind the Movement?
Cryptocurrency enthusiasts were in for a surprise when Onyxcoin (XCN) witnessed a 39% spike in its price shortly after its listing on Robinhood. This development comes at a time when XCN had been trading in a multi-month descending channel, reflecting sustained bearish pressure. However, a strong base at $0.005 triggered a rally to a local high of $0.00695 before correcting back to $0.0055 as of the time of writing.
The Impact of Robinhood Listing on XCN
The recent listing of XCN on Robinhood, including availability in New York, played a pivotal role in the altcoin’s surge. Historically, listings on major platforms like Robinhood tend to attract significant market attention and boost liquidity, and XCN was no exception. Following the listing, Onyxcoin’s trading volume skyrocketed 219%, reaching $45.53 million in just 24 hours. This surge reflects a rise in market participation and on-chain activity, with investors moving quickly to add XCN to their portfolios.
Whale Activity Driving XCN’s Market Momentum
According to Coinalyze, the past 24 hours saw a remarkable influx of buy-side interest, with 960 million in Buy Volume compared to 850 million in Sell Volume. This resulted in a delta of 110 million in favor of buyers, showcasing aggressive accumulation. Large whale transactions have also surged significantly, suggesting heightened interest among institutional or high-net-worth investors. Data from CryptoQuant and Nansen indicates that top holders increased their positions by adding 911 million XCN tokens while selling only 274.35 million, resulting in a positive net balance of over 636 million tokens.
Market Trends and Performance Indicators
Despite the excitement, some profit-taking was observed. Onyxcoin’s Relative Vigor Index (RVGI) jumped to 0.046, signaling upward momentum, while its Relative Strength Index (RSI) dropped to 48 from a previous 55. This paints a picture of a market where buyers and sellers are battling for dominance. A continued accumulation by whales could see XCN maintaining its position above $0.0055 and even taking aim at $0.0063 in the near future.
What’s Ahead for XCN?
The key question for investors and traders is whether XCN can sustain its price as the Robinhood listing hype begins to wane. The outcome largely depends on whether buy-side momentum can overpower selling pressure. If buyers, particularly whales, maintain their positions and accumulate further, XCN’s upward trend could continue. However, a breach below the $0.005 support level would spell trouble for bulls, potentially leading to further price declines.
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