Onyxcoin Price Surges 200%; Can XCN Reclaim Its All-Time High?

Highlights:

• Onyxcoin Price trades at $0.03735, surging 30% in the past day.
• XCN trading volume jumps 66.5%, signaling strong investor demand.
• Onyx DAO teases major update, boosting bullish market sentiment.

Onyxcoin (XCN) price has been gaining traction, showing a potential bullish breakout. The decentralized lending platform’s native token, XCN, is attracting investor attention amid renewed market momentum. As the broader crypto sector shows signs of recovery, traders speculate whether XCN could surge toward its ATH, fueled by increasing demand and strong technical indicators.

Will Onyxcoin Price Hit ATH Soon?

The Onyxcoin price has seen strong bullish momentum, showing a 200% rally over the past 7-days. The coin surged 1,000% in 2 weeks, but as it happened across the crypto market, it suffered a crash during widespread sell-offs. During the broader correction, XCN continues to trend within an uptrend as it forms higher highs and lows on the hourly chart. 

Market activity has increased notably, with XCN’s 24-hour trading volume reaching $636 M, marking a 66% rise from the previous day. This surge indicates growing investor interest in the asset. XCN’s market cap currently stands at $1.19 billion, ranking it 81 on CoinMarketCap data. However, the cryptocurrency is still trading 79% below its all-time high of $0.1841, recorded on May 27, 2022.  

While XCN price continues its upward trajectory, it remains whether it can sustain its gains and reclaim its peak. Investors are closely watching for potential resistance levels and market trends that could determine its next move.

Why is Onyxcoin Price Up?

On Jan. 15, XCN increased sharply after Onyx confirmed that it still is on schedule for a Feb. 1 Open Index Protocol (OIP) launch. The update is aimed to push more people to participate in Onyx Core node operations.

Shortly afterward, Onyx also resolved a dispute between Huobi and Tron founder Justin Sun. Sun will support staking XCN, but he was not included in the DAO. On Jan. 26, Onyx DAO teased a major update, set for Feb. 3, introducing a new blockchain and Onyx XCN Ledger. Kraken later announced XCN futures with 20x leverage on Jan. 28.

Only 8 days remain until we unveil one of the most significant $XCN updates to date, featuring a brand new White Paper and details for a new blockchain we've been developing in stealth, the Onyx XCN Ledger ✍ pic.twitter.com/VUoJq3Vqv0

— Onyx (@OnyxDAO) January 26, 2025

Market Sees Surge in XCN Trading Activity

The trading activity in Onyxcoin’s derivatives market has also increased significantly.. Recent data shows a sharp increase in volume and open interest, highlighting heightened market participation.

XCN’s derivatives trading volume climbed by 55.39%, reaching $347.53 million. This jump reflects strong investor engagement, possibly driven by recent market trends. Additionally, open interest soared by 76.57%, now totaling $38.17 million. 

The rise in open interest indicates growing positions in XCN’s futures market, suggesting heightened speculation or strategic positioning by traders.

Onyxcoin Price Surges Amid Bullish Momentum

At the time of writing, the XCN price is trading at $0.03735, marking a strong surge of 30% in the past day. The altcoin touched a high of $0.03998 before retracing slightly, showing signs of continued bullish momentum.

Technical indicators on the daily chart suggest strong upward pressure. The Relative Strength Index (RSI) at 78, signaling overbought conditions. The Moving Average Convergence Divergence (MACD) shows a bullish trend. The MACD line is at 0.00826, moving above the signal line at 0.00618. This crossover shows growing buying pressure, reinforcing the potential for continued gains.

Key resistance levels to watch include $0.05, followed by $0.1. A breakout above these levels could drive the price toward $0.18410, revisiting the previous ATH. On the downside, immediate support rests near $0.03370 mark, with stronger demand expected around $0.03000 if a retracement occurs.