Onyxcoin (XCN) Skyrockets 171% — And It’s Just Getting Started
Crypto traders love a good comeback story — and Onyxcoin (XCN) is delivering exactly that.
After months of sluggish price action and a painful drop to $0.007, XCN is back with a 171% surge that’s turning heads. And here’s the kicker: the charts, momentum, and market behavior all suggest this rally might be far from over.
So, what’s fueling this altcoin’s explosive move? And where could it go next?
Let’s break it down 👇
📉 From Rock Bottom to Breakout Beast
Rewind to January — XCN hit a local high of $0.049, only to fall into a downward spiral. For months, it bled value, finally crashing to $0.007 on April 7.
But that low wasn’t the end — it was the launchpad.
Since then, XCN has exploded back to life. The key? A bullish breakout above a long-standing resistance trendline. That breakout didn’t just stop the bleeding — it flipped the entire script.
💪 Momentum Indicators Are Screaming “Buy”
Let’s talk data.
One of the most telling signals is the Balance of Power (BoP) — a lesser-known but powerful momentum indicator. Right now, XCN’s BoP sits at 0.24, clearly in the green zone.
What does that mean?
It tells us that buyers are dominating the market. More pressure is coming from bulls than bears — and that’s what fuels sustained rallies.
📈 When the BoP stays positive, price growth tends to follow.
😲 But Wait — Derivatives Traders Are Bearish?
Here’s where it gets interesting.
While spot market buyers are going all in, derivatives traders are betting against XCN. How do we know? The funding rate is sitting at -0.032%.
Translation: more traders are shorting XCN than going long.
And here’s why that’s actually a good thing for bulls…
When the spot market is rallying and shorts are piling up, the setup is perfect for a short squeeze — a sharp upward move that forces short sellers to buy back their positions, pushing the price even higher.
So while derivatives traders are playing defense, the spot market is quietly building a bullish storm.
📊 XCN Breaks Above Key Technical Level
Another reason to pay attention?
XCN has crossed above its 20-day Exponential Moving Average (EMA) — a critical level that often signals a shift in momentum.
Traders love this kind of technical breakout because it shows that recent buying pressure is overtaking the average of the past month.
👀 This is the moment many traders wait for — the start of a trend reversal.
🎯 What’s Next for XCN?
So what should you be watching?
- If the current rally continues, XCN could be headed toward $0.023 — a level that would confirm a strong, sustained breakout.
- But if we see a short-term pullback, $0.016 could act as a key support zone.
Either way, XCN is firmly back on the radar — and its 171% surge might just be the beginning of a much bigger move.
💡 Final Thoughts
Let’s recap:
✅ 171% rally after bottoming out
✅ Bullish breakout from a long-term downtrend
✅ Spot market strength vs. bearish derivative bets
✅ Technical indicators flashing green
This is the kind of setup smart traders don’t ignore. Because when a token like XCN flips the trend and starts gaining momentum, it doesn’t ask for permission to go higher.
