XCN Token Takes Off: You Won’t Believe the Numbers!

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Well, well, well! If it isn’t the XCN crypto, strutting its stuff like a peacock at a poultry show, having rallied nearly 36% in just 24 hours. It seems that exchange listings and the buzz surrounding upcoming product launches have given it a caffeine boost. ☕️

Onyxcoin’s token (XCN) has soared to an intraday high of $0.0394, which, if you’re keeping score, pushes its market cap to a staggering $1.16 billion. That’s right, billion with a “B.” I can only imagine the number of celebratory lattes being consumed in the Onyx office as we speak. ☕️💰

Today’s little jaunt has extended the altcoin’s weekly gains to over 195%. Yes, you read that correctly—195%! And if that wasn’t enough to make your head spin, its monthly gains have surged past a jaw-dropping 1,400%. It’s like watching a toddler on a sugar high—completely unpredictable and utterly delightful! 🎉

But wait, there’s more! 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. That’s a lot of zeros! And open interest in its futures market soared 73% to an all-time high of $38.98 million, according to CoinGlass. I can only assume that traders are now sleeping with their phones under their pillows, just in case. 📱💤

Why is XCN going up?

So, what’s behind this meteoric rise? Well, XCN took off after Onyx teased its upcoming white paper and the launch of its new blockchain, the Onyx XCN Ledger. It’s like a kid teasing their birthday cake—everyone gets excited! 🎂

To add fuel to the fire, the token was recently listed on Kraken Pro, allowing users to trade XCN with up to 20x leverage. That’s right, folks—20 times! It’s like playing poker with a stack of chips that’s taller than you are. 🎲

And if that wasn’t enough, Onyx’s official account shared that it had been nominated for listing on Binance Next pool. This allows users to predict which tokens will be listed next on Binance’s Futures market. It’s like a game show, but with more money and fewer bad puns. 🎤

Crypto exchange AscendEX has also announced plans to list XCN, which has further strengthened the bullish momentum. It’s like a snowball rolling down a hill—only this one is made of cash! 💵

Investor demand for XCN also rose after the XCN community passed OIP-52, 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. It’s like a reality show, but with fewer dramatic exits. 📺

“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. Sounds fancy, doesn’t it? 🧐

XCN technical analysis

Now, let’s talk technicals. On the daily chart, the XCN price has gone parabolic and is positioned above the 50-day and 200-day moving averages. This means the buying pressure is still up. Typically, when the 50-day MA is above the 200-day MA, assets tend to continue their rally. It’s like a well-oiled machine—if only my car could run this smoothly! 🚗

The MACD lines are pointing upwards, while the Supertrend line remains below the asset’s price. Both signs indicate that the uptrend remains strong. Meanwhile, the Chaikin Money Flow index is positive, suggesting a continuous inflow of capital into the XCN market. It’s like a party where everyone’s invited! 🎉

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. It’s like a rollercoaster—hold on tight! 🎢

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. It’s a nail-biter, folks! 🍿

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2025-01-30 12:25