The cryptocurrency market is showing signs of stabilization, with Bitcoin ($BTC ) consolidating near $98,000 and Ethereum ($ETH ) holding steady at $2,700 after recovering from a sharp selloff earlier this week. Amid this recovery, Onyxcoin (XCN)—the native token of the Onyx Protocol—has drawn significant investor attention, surging an impressive 900% over the past 30 days.
After reaching a low of $0.018 on Monday, XCN has rebounded swiftly to $0.03031, demonstrating strong resilience and renewed bullish momentum.
XCN Ledger: A Key Catalyst for Growth
One of the primary drivers behind XCN’s remarkable recovery is the launch of the XCN Ledger, Onyx Protocol’s newly introduced Layer 3 blockchain network.
Announced on Tuesday, the XCN Ledger is designed for financial-grade applications, offering near-instant confirmations and minimal transaction fees. Unlike conventional Layer 1 and Layer 2 solutions, Layer 3 blockchains focus on enhancing scalability and optimizing existing infrastructure. This innovation positions Onyx Protocol as a significant player in the evolving Web3 landscape.
Moreover, the XCN Ledger enhances Onyxcoin's utility by adopting XCN as its native gas token, integrating EIP-1559 for a predictable fee structure and deflationary burn mechanism. As the Web3 infrastructure expands, this mechanism could contribute to long-term value appreciation by gradually reducing XCN’s total supply.
Golden Cross Signals Potential Bullish Momentum
Technical analysts have identified a significant bullish indicator—the Golden Cross—on XCN’s hourly
key moments marked by green circles highlight instances where the 50-period moving average (50MA) crosses above the 200-period moving average (200MA)—a formation known as the Golden Cross. Historically, this pattern has preceded major price surges, including a 1,600% rally last month.
Additionally, XCN is currently forming a symmetrical triangle pattern, which is often indicative of an impending breakout. A confirmed breakout above resistance could trigger another strong upward move.
Market Outlook: What’s Next for XCN?
With the combination of:
A Golden Cross formation on the chart
Strong recovery momentum
The launch of the XCN Ledger
Onyxcoin appears well-positioned for further bullish action. If market sentiment remains favorable, XCN could target $0.045–$0.050 in the near term.
However, failure to break above the upper resistance of the symmetrical triangle may lead to a retest of lower support levels, potentially delaying the anticipated breakout.
