XCN crypto rallied nearly 36% over the past day amid exchange listings and hype around upcoming product launches.
Onyxcoin’s token (XCN) soared to an intraday high of $0.0394, pushing its market cap to over $1.16 billion as of the last check on Thursday afternoon, Asian time.
Today’s rally extended the altcoin’s weekly gains to over 195%, while its monthly gains surged past 1,400%, making it one of the best-performing crypto assets over the past 30 days.
XCN’s rally was accompanied by a surge in demand and trading activity. Over the past 24 hours, the altcoin’s daily trading volume jumped 60% to over $627 million, while open interest in its futures market soared 73% to an all-time high of $38.98 million per CoinGlass.
Why is XCN going up?
XCN surged after Onyx teased its upcoming white paper and the launch of its new blockchain, the Onyx XCN Ledger. Crypto assets typically tend to rally ahead of major announcements that support the ecosystem’s growth.
Further, the token was recently listed on Kraken Pro, enabling users to trade XCN with up to 20x leverage.
Additionally, Onyx’s official account shared that it had been nominated for listing on Binance Next pool, which allows users to predict which tokens will be listed next on Binance’s Futures market.
Crypto exchange AscendEX has also announced plans to list XCN, which has further strengthened bullish momentum.
Investor demand for XCN also rose after the XCN community passed OIP-52 after settling long-standing issues with HTX Global and Tron founder Justin Sun. The proposal which is yet to be deployed, will see Sun and HTX play an active role in Onyx DAO governance.
“This OIP will enhance Onyx Protocol through the expertise, experience, and credibility that Justin Sun and HTX bring through their participation in the DAO,” a part of the proposal reads.
XCN technical analysis
On the daily chart, the XCN price has gone parabolic and is positioned above the 50-day and 200-day moving averages, which means the buying pressure is still up. Typically, when the 50-day MA is also above the 200-day MA, assets tend to continue their rally over the upcoming days.
The MACD lines are pointing upwards, while the Supertrend line remains below the asset’s price, both signs that the uptrend remains strong. While the Chaikin Money Flow index remained positive suggesting a continuous inflow of capital into the XCN market.
However, the token’s Relative Strength Index has been hovering in the overbought zone above 70 since Jan. 15, raising the likelihood of a potential pullback or consolidation if buying momentum starts to wane.
Based on the current momentum, XCN bulls could likely target the psychological resistance at $0.04 next and subsequently retest the $0.047 resistance, which it failed to breach earlier this week.
