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Onyxcoin Price Soars To $0.018 As Bulls Stay In Check- $0.04 XCN Incoming?

Onyxcoin (XCN)
Onyxcoin (XCN)

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Onyxcoin (XCN) price has exploded over the last week, soaring 80% as bulls held the reins six days in a row. With this breakout, the price has escaped the six-week-long consolidation under $0.0128, and now investors have a renewed hope as they eye an even more rigorous ascent to $0.04.

At the time of writing, XCN price was trading at $0.0176 after gaining 11.71% on the last day. The token had also surged 17.35% in trading volume over the last 24 hours to $73.5 million alongside a soaring market cap, up 21.95% to $414.7 million.

XCN Token Rallies As Countdown To Mainnet Release Continues

The rally comes as the countdown to the March 1 Mainnet launch continues, which is expected to increase the utility of the XCN token. The token’s use cases include paying for Chain services such as Cloud and Sequence. The Chain Wallet can also be used for the Onyx Liquidity Protocol during the TestNet and the oncoming Mainnet from the anticipated March 1 launch date. Other use cases for the XCN token include staking, governance, and payments.

 

In an official Twitter post on February 9, the Onyx protocol said, “We’re thrilled to announce that the Onyx Liquidity Protocol is aiming to launch on March 1 pending the completion of audits. Currently, we have received word that our audits should be ready by next week!”

The comment came on the same day that the Onyx DAO proposed to increase XCN staking rewards by 3x to make the APR approximately 33%.

As the Onyx protocol continues announcing changes and updates, the excitement around this event has catapulted the XCN token to the top ten cryptocurrency performers within the under the 200 market cap coins with a positive approval rating as investors enjoy riding the breakout.

From the comments following the announcement, many users have already installed the chain wallet in anticipation of the mainnet release. The Onyx protocol has also been active to give updates, including a recent notice that the XCN, BTC, LINK, UNI, WPUNKS, and wBTC testnet would be among the assets available for lending and borrowing once the Mainnet goes live. Once the Mainnet goes live, Onyx Liquidity Protocol users can supply these assets as collateral.

Recently, the protocol went live with its flagship Onyx Bridge, allowing XCN token holders to bridge their Ethereum (ETH) based XCN to Binance Smart Chain (BSC) and vice versa through the decentralized bridge. Furthermore, the XCN token was listed on Strike Finance only recently, after their SIP-31 proposal was approved.

Onyxcoin Price Soars 80% As Investors Ride The XCN Breakout

The Onyx protocol’s XCN token has been trading with a bullish bias over the past week, soaring 80% as bulls set their eyes on the horizon at $0.04. At the time of writing, the token was trading at confronting a roadblock at $0.01766 as bulls pushed to break past the $0.02 barrier. An increase in buying pressure past this level could set the tone for the XCN price to record more gains.

With the current trend, the first logical move for the Onyxcoin price would be the 50% Fibonacci retracement at $0.02135. With the hype around the Mainnet release only growing, the token is expected to move higher and retest the 78.6% Fibonacci retracement at $0.02792, followed by the 107% Fibonacci retracement at $0.03445.

In highly ambitious cases, the token could soar higher to retag the 132% Fibonacci retracement at $0.04020. Such a move would signify a 128.31% climb from the current price while completing a 308.11% ascent from the $0.00985 floor price.

XCN/USD Daily Chart

Onyxcoin (XCN)
Tradingview Chart: XCN/USD

The positive outlook of the Moving Average Convergence Divergence (MACD) supported this bullish outlook, moving upwards in the positive region above the mean line. With it, the histograms were also flashing deep green. Together, the two indicators showed that bulls were leading the market.

On the downside, if investors become greedy and decide to book early profits, the sell-off could interrupt the current rally sending the token’s price southward. In such a case, bulls could be looking at the 50-day Simple Moving Average (SMA) at the $0.012 level for a breather in case they wanted another shot at taking control of the Onyxcoin market.

If the price conforms to a downtrend, XCN price could retest the 23.6% Fibonacci retracement at $0.01528. In extreme cases where investors flock to the XCN market’s exit door, the price could descend to retag the $0.00985 support floor.

The Relative Strength Index (RSI) at 79 showed that the token was overbought, suggesting that a pullback was near sight. Notice that the RSI indicator and the 50-day SMA were flattening out, which could be a sign of buyer fatigue or easing momentum, and the bull run was over.

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