Why Onyxcoin (XCN) Price Pumping?

Onyxcoin has seen a sharp increase in its price today, surging by 8.37%, with its trading volume rising 45%. The increased market activity comes amid major announcements regarding the project’s development. At writing, Onyxcoin’s price sits at $0.02360.

The Onyxcoin team just announced some big news that’s driving up the price. They’re rolling out a new Layer 3 system on Arbitrum, OnyxDAO is launching a wallet with no gas fees, and they’re about to launch their Goliath Mainnet on March 3, 2025. Traders are taking notice, and there’s been increased buying and selling.

Onyxcoin Chart Analysis

An analysis of XCN’s recent price movements shows that the token has broken out of a descending channel, which had been in place since its mid-January rally. The price experienced a rapid increase before entering a corrective phase, forming a downward sloping pattern.

The breakout from this channel suggests that buying pressure is increasing, signaling a possible trend reversal. XCN’s price is trading above its 9-period simple moving average (SMA), reinforcing the potential for further gains. If this momentum continues, the price could attempt to reclaim higher resistance levels.

XCN Support and Resistance Levels in Focus

Key technical levels suggest potential price movements based on market conditions. If the price starts dropping, it might find support around $0.02277, right where the 9-day moving average sits. If it falls through that, the next stop could be $0.01185, where buyers stepped in last time.

Looking up, there’s a tough barrier at $0.04926 – that’s where XCN’s price peaked during January’s run-up. With the current momentum, we might see it test $0.03000 soon, and possibly push even higher.

The RSI sits at 52.74, right in the middle range. This means the price could go either way from here. But it’s worth noting that the RSI recently bounced back from oversold levels, which might mean buyers are starting to take control.

Read Also: Lido DAO (LDO) Rally at Risk as Indicator Flashes Sell Signal: Here’s the Outlook

Market Outlook and Onyxcoin Potential Scenarios

XCN looks ready to push toward $0.03000 if it stays above the breakout point with good trading volume. It might even climb back to January’s peak of $0.04926. But if it loses steam, we could see it fall back to $0.02277 or even lower.

People are paying attention to XCN’s price right now because of what’s happening with the project. The team is getting ready to launch Goliath Mainnet and working on layer 3 tech – both could affect where the price goes from here.

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