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The Onyxcoin price pumped over 54% in the last week and 6% in the past 24 hours to trade at $0.01877 as of 6:09 a.m. EST as investors rush to buy the altcoin.
The latest surge in the XCN price made it the best weekly performer on CoinMarketCap among major cryptos.
Onyxcoin Price Trying To Reclaim A Recently-Lost Support
4-hour chart for XCN/USD (Source: GeckoTerminal)
The Onyxcoin price dropped below the support at $0.01919 in the last 24 hours and is now attempting to recover to above this mark, according to data from GeckoTerminal. Should the crypto close a 4-hour candle above this price point within the next 8 hours, it could end up rising to as high as $0.02638 in the short term if the buy pressure persists.
A rejection from the $0.01919 resistance might, however, invalidate the bullish thesis. Traders could then look to short the crypto. If the potential sell pressure proves too overwhelming for XCN bulls, the Onyxcoin price risks retracing to the immediate support at $0.01415. In an extreme bearish case, the altcoin could even drop to $0.00983.
Bulls Are Slowly Starting To Take Control Of The Onyxcoin Price Again
From a technical standpoint, indicators on XCN’s 4-hour chart suggest the Onyxcoin price might continue to climb in the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) show bulls are gaining strength.
That’s as the MACD line starts to rise towards the MACD Signal line. With the gap between the two technical indicators shrinking, the MACD line might soon cross above the Signal line. This will likely be interpreted as a sign that the Onyxcoin price has entered a positive short-term trend.
Buyers are also starting to grow stronger against sellers, as suggested by the rise in the RSI readings over the past few hours. During this period, the indicator’s values have climbed from the high 30s to above the neutral 50 mark, indicating that a bullish shift in power is underway.
Should the MACD line cross above the Signal line, and the RSI readings continue to rise, traders might increase their long positions for XCN. This potential buy volume could then push the Onyxcoin price up to the aforementioned $0.02638 mark.
As the Onycoin price tries to keep its bullish weekly streak going, investors are also buying up the Solana layer-2 token Solaxy (SOLX).
Prominent YouTube channel 99Bitcoins, which boasts over 725k subscribers, says the crypto has the potential to soar 10X after its launch.
SOLX Gets Boost From Launch Of Raydium’s Meme Coin Launchpad
Solana is facing congestion issues as a result of the soaring hype around SOL-based meme coins. With so many new tokens, it’s only a matter of time before the Solana mainnet suffers another outage.
To make matters worse, a meme coin war has erupted between Solana giants Raydium and Pump.fun. The latest development in this battle for meme coin dominance is the debut of Raydium’s LaunchLab platform, which the project aims to challenge Pump.fun with.
Activity on LaunchLab is already skyrocketing, with developers rushing to launch their own tokens. Simultaneously, there has been a surge in activity on Pump.fun’s newly-launched PumpSwap decentralized exchange as well.
As the meme coin war rages on, Solana’s computational resources face the ultimate test. This is where Solaxy will come in.
The project will introduce the first layer-2 scaling solution for the Solana ecosystem, and will employ the transaction processing approach used by Abitrum and Optimism in the Ethereum ecosystem.
As the first scaling solution for Solana, Solaxy is perfectly positioned to profit from the new meme coin trade war. As activity on these platforms continues to surge, Solaxy’s revenue will most likely follow the same trend.
Traders Rush To Buy SOLX At Presale Prices
Solaxy had pulled in more than $30.4 million in presale funding even before this latest meme coin war exploded on Solana, making it one of the most successful presales of the year.
There’s still time to join. Interested investors can purchase SOLX for $0.001696 apiece using either crypto or bank card. The tokens can also be staked for a huge 133% annual return.
Anyone looking to secure the best deal will want to buy before a price hike in a little more than 3 hours.
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