XCN Crypto Surges 36% in 24 Hours Due to Exchange Listings and Upcoming Product Launches
The XCN crypto has experienced a massive rally of nearly 36% over the past day, driven by excitement surrounding exchange listings and the anticipation of upcoming product launches.
Onyxcoin’s token (XCN) reached an intraday high of $0.0394, pushing its market cap over $1.16 billion as of the most recent check on Thursday afternoon in Asia.
With this latest surge, XCN has seen its weekly gains surpass 195% and its monthly gains skyrocket over 1,400%, making it one of the top-performing crypto assets in the past 30 days.
The rally in XCN was accompanied by a significant increase in demand and trading activity. Over the past 24 hours, the daily trading volume for the altcoin surged by 60% to over $627 million, while open interest in its futures market hit an all-time high of $38.98 million according to CoinGlass.
Factors Driving the Surge in XCN Price
The surge in XCN price can be attributed to several key factors. Onyx recently teased the release of its upcoming white paper and the launch of the Onyx XCN Ledger, which has generated anticipation and excitement in the crypto community.
Moreover, XCN was recently listed on Kraken Pro, allowing users to trade the token with up to 20x leverage. Additionally, Onyx’s nomination for listing on Binance Next pool has further fueled the bullish sentiment surrounding XCN.
Furthermore, the announcement of XCN being listed on AscendEX has contributed to the positive momentum of the token, attracting more investors to the platform.
Investor demand for XCN also received a boost after the XCN community passed OIP-52, which will see Tron founder Justin Sun and HTX Global play an active role in Onyx DAO governance. This move is expected to enhance Onyx Protocol through the expertise and credibility that Sun and HTX bring to the table.
Technical Analysis of XCN
On the daily chart, XCN price has gone parabolic and is currently above the 50-day and 200-day moving averages, indicating strong buying pressure. The alignment of the 50-day MA above the 200-day MA suggests that the rally in XCN may continue in the coming days.
The MACD lines are trending upwards, the Supertrend line remains below the asset’s price, and the Chaikin Money Flow index is positive, indicating a strong uptrend and continued influx of capital into the XCN market.
However, the Relative Strength Index has been in the overbought zone above 70 since January 15, suggesting a potential pullback or consolidation if buying momentum diminishes.
Based on the current momentum, XCN bulls may target the psychological resistance at $0.04 and potentially retest the $0.047 resistance level, which was previously unbroken earlier this week.