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The Onyxcoin price surged 12% in the past 24 hours to trade at $0.01324 as of 11:25 p.m. EST on trading volume that rose 16% to $1.2 billion.
The surge in the XCN price has pushed the crypto to the top of CoinMarketCap’s trending list.
Onyxcoin Price Analysis: A Potential Breakout On The Horizon?
The XCN price has been trading within a descending wedge pattern over the past several weeks, indicating a gradual price decline.
However, descending wedges are typically considered bullish reversal patterns, meaning there is potential for an upward breakout.
The Onyxcoin price recently tested the upper boundary of the wedge, showing signs of a possible breakout attempt, according to GeckoTerminal data.
Additionally, the price of Onyxcoin remains below both the 50-period Simple Moving Average (SMA) on the 4-hour chart at $0.01413 and the 200 SMA at $0.01889, signaling an ongoing bearish trend. A breakout above these key levels would be needed to confirm a shift in market momentum.
The Relative Strength Index (RSI) is currently at 49.74, hovering near the neutral 50 level. This suggests that the market is neither overbought nor oversold, indicating indecisiveness among traders.
A move above 50 would provide bullish confirmation, while a drop below 40 could signal renewed bearish pressure.
Meanwhile, the Moving Average Convergence Divergence (MACD) blue line is slightly above the orange signal line, but the histogram remains relatively flat. This suggests that bullish momentum is building, but there is no strong confirmation of a breakout yet.
A larger separation between the MACD and signal line, along with an increasing histogram, would provide a stronger buy signal.
XCN Price Prediction
The descending wedge pattern suggests that the XCN price may be gearing up for a breakout.
If the Onyxcoin price successfully breaks above the 50 SMA on the 4-hour chart at $0.01413, there could be a push toward the 200 SMA at $0.01889, which serves as a critical resistance level.
A strong breakout above this level could open the door for further upside potential toward $0.025 or higher.
However, if the price of Onyxcoin fails to break out and falls below the lower boundary of the wedge, a bearish continuation could drive XCN down to test support at $0.010.
Meanwhile, investors are buying a new Solana meme coin called Solaxy (SOLX), which 99Bitcoins, a popular crypto channel on YouTube with over 725K subscribers, says might soar 10x after launch.
Solaxy Presale Closing On The $26 Million Mark
Solaxy, a new layer-2 scaling solution for Solana, has raised more than $25.9 million in its presale.
The project aims to address Solana’s network congestion issues by implementing off-chain processing mechanisms—similar to Ethereum’s layer-2 solutions. This model has already been proven as a successful way to scale a blockchain through platforms like Arbitrum and Optimism.
By processing transactions off of Solana’s main chain, bundling them together, and then submitting them to the mainnet for final verification, Solaxy’s system enhances efficiency.
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
This approach directly addresses one of Solana’s biggest challenges: network congestion.
Once launched, Solaxy will also provide a platform where developers can build decentralized applications or launch new tokens without compromising Solana’s layer-1 capabilities.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.00166 each using BNB, ETH, USDT, or a bank card.
Solaxy also offers holders who stake SOLX a huge annual yield of 157%. Buy before a price hike in just under 9 hours to lock in the best deal.
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