The Onyxcoin (XCN) jumped by more than 30% - Is it an upward momentum or a temporary rise?
The Onyxcoin (XCN) surged by 31%, reaching its highest level at $0.01485 before retreating.
The cryptocurrency market shows signs of recovery, contributing to the price momentum of XCN.
The global cryptocurrency market has shown a slight green hue in its charts, with leading cryptocurrencies showing signs of recovery. On March 12, 2025, Onyxcoin (XCN) saw a significant price increase of 31%, reaching $0.01485 before reversing. This increase is part of a broader upward trend that has been observed since the beginning of the year.
At the time of writing this report, the price of XCN was $0.01322, with a market cap of $431.08 million. The daily trading volume of XCN also rose by approximately 44.10% to reach $136.65 million. However, the price of XCN declined by 15.28% over the past week, primarily attributed to intense sell-offs by large investors, known as 'whales.' These investors reduced their holdings by more than 50%, selling nearly 637 million XCN (worth about $76 million), contributing to a decline in market sentiment.
Technical analysis indicates that XCN has struggled to breach the resistance level at $0.015. Failure to break through this barrier may lead to further declines, possibly towards $0.0100 or lower.