Onyxcoin’s XCN Token Sees 36% Daily Surge Amid Exchange Listings and Product Launch Hype

Onyxcoin’s token, XCN, has experienced a significant price increase of nearly 36% over the past 24 hours, driven by recent exchange listings and anticipation surrounding upcoming product launches.

The token’s price soared to an intraday high of $0.0394, resulting in a market capitalization of over $1.16 billion as of Thursday afternoon. This surge has extended XCN’s weekly gains to over 195% and its monthly gains to over 1,400%, making it one of the best-performing crypto assets over the past 30 days.

What’s Behind XCN’s Rally?

XCN’s price increase is attributed to several factors, including the upcoming launch of its new blockchain, the Onyx XCN Ledger, and the release of its white paper. Crypto assets often tend to rally ahead of major announcements that support the ecosystem’s growth.

Additionally, the token’s listing on Kraken Pro, which enables users to trade XCN with up to 20x leverage, has contributed to the surge in demand and trading activity. The token’s nomination for listing on Binance Next pool, which allows users to predict which tokens will be listed next on Binance’s Futures market, has also strengthened bullish momentum.

Crypto exchange AscendEX has also announced plans to list XCN, further fueling investor demand. The XCN community’s passage of OIP-52, which resolves long-standing issues with HTX Global and Tron founder Justin Sun, has also played a role in the token’s price increase.

“This OIP will enhance Onyx Protocol through the expertise, experience, and credibility that Justin Sun and HTX bring through their participation in the DAO.”

XCN Technical Analysis

From a technical perspective, XCN’s price is positioned above the 50-day and 200-day moving averages, indicating continued buying pressure. The MACD lines are pointing upwards, and the Supertrend line remains below the asset’s price, both signs of a strong uptrend.

However, the token’s Relative Strength Index has been hovering in the overbought zone above 70 since January 15, raising the likelihood of a potential pullback or consolidation if buying momentum starts to wane.

Based on current momentum, XCN bulls may target the psychological resistance at $0.04 next and subsequently retest the $0.047 resistance.

For more news on the crypto market, visit Global Crypto News.

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