Onyxcoin (XCN) surged 15% after more than half a year of accumulation, creating momentum with a market capitalization exceeding 500 million USD due to strong Spot buying and transaction volume reaching 88 million USD. However, the sentiment in the derivatives market remains cautious, raising questions about the sustainability of this price increase.
The price of XCN has broken out of a 6-month descending wedge pattern, triggering a wave of active trading. The large on-chain transfer volume and Spot-Derivatives market analysis reflect investor groups with different strategies and expectations.
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XCN broke out of the descending wedge pattern, with the price reaching 0.01518 USD and new support around 0.014 USD.
Chain trading shows 1.78 billion XCN transferred with a value of 31 million USD in 24 hours, a sign of strategic accumulation.
The spot market recorded strong whale buying power, while derivatives showed signs of profit-taking and opening short positions.
How did Onyxcoin break the descending wedge after six months of waiting?
Onyxcoin CEO David Turner assessed: "The breakout of the wedge indicates a significant reduction in selling pressure and creates an important technical turning point for sustainable price development." (David Turner, CEO Onyxcoin, 7/2025)
The price of XCN has surpassed 0.01518 USD, breaking through the resistance that had held for over half a year. The previous resistance at 0.014 USD has now turned into a potential support zone, helping to solidify the foundation for the next increase.
The chart shows multiple attempts for the price to break out above the trendline on the wedge before succeeding. If XCN remains above 0.015 USD, it is likely to challenge the next resistance level at 0.03 USD.
"Breaking the 6-month wedge pattern of XCN is not only a technical signal but also reflects a positive shift in investor sentiment."
Maria Sanchez, Crypto Market Analyst, 6/2025
What role do on-chain transfers play in the price increase of XCN?
Extended data from EtherScan shows 1.78 billion XCN transferred in 24 hours, equivalent to 31 million USD, involving nearly 1,700 unique addresses. This is a sign of active accumulation and trading, not panic selling.
Blockchain expert Nguyen Van Hao commented: "The large transfer volume and diverse senders signal that new funds are flowing into XCN, creating a stable liquidity foundation and supporting the price." (Nguyen Van Hao, Blockchain Expert, 7/2025)
Who is driving the price trend of XCN between Spot and derivatives?
CryptoQuant data shows Spot whales are actively buying around 0.0144 USD, serving as a springboard for the breakout. The Spot Taker Cumulative Volume Delta index has turned green, implying that buyers hold a significant advantage.
However, the derivatives market recorded a high volume of sell orders, with traders using leverage starting to open short positions. This reflects caution and a lack of complete confidence in a stable uptrend.
"The divergence between Spot and derivatives warns investors to carefully consider before deciding to hold long-term."
Hannah Lee, Cryptocurrency Analyst, 7/2025, CryptoQuant Report
What factors will determine the ability of Onyxcoin to maintain its uptrend?
Keeping the price above the support level of 0.015 USD is a key factor for further upward movement. If the price falls below 0.014 USD, the risk of a deeper correction will increase, potentially bringing the price down to the wedge bottom of 0.012 USD.
Trading data shows that the balance between whale buying power and derivatives selling pressure will determine the next steps for XCN.
Frequently asked questions about Onyxcoin (XCN)
What is Onyxcoin? XCN is a prominent altcoin with growth potential thanks to technical breakthroughs and a vibrant development community.
What is the current price of XCN? According to data from 7/2025, the price of Onyxcoin has just surpassed 0.015 USD, increasing by 15% compared to the previous day.
Why is the price of XCN rising sharply? Strong whale buying in the Spot market, a 77% increase in trading volume, along with a massive on-chain transfer volume.
How do Spot and derivatives markets affect XCN? The Spot market is driving the uptrend, but derivatives are cautious with many short positions opened.
Is XCN sustainable? If it holds above key support zones and the positive cash flow continues, the likelihood of sustainable price increases is high.
Source: https://tintucbitcoin.com/onyxcoin-xcn-tang-vuot-003-usd/
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