Onyxcoin Surges 15% Amid Ecosystem Expansions and Growing Adoption as Traders Target 90% Upside

Highlights:

• Onyxcoin rose 15%, currently trading at $0.02994, with volume reaching $525M.
• Onyx XCN Ledger Layer 3 blockchain incorporates EIP-1559 burns.
• Over 3 billion XCN have been staked, with more than $30K in gas refunds.

The Onyxcoin price has surged 15% in the last 24 hours to trade at $0.02994 as of 5 a.m. EST on a 10% pump in trading volume to $525 million. This price hike has come while Onyx Protocol continues with its ecosystem by adding major developments and increasing adoptions.

A big highlight came with the launching of the Ledger, Onyx XCN – a Layer 3 blockchain with XCN being its native token, which has burned XCN through EIP-1559 on every transaction. This occasion has driven more interest in this project and in its long-term utility.

$XCN 🔥 New WhitePaper #DLT #ETH
Onyx DAO announced the Onyx XCN Ledger, a new blockchain to improve scalability, security, and efficiency.

Also, the recent token burn proposal discussion in the community will impact supply and add to the bullishness of Onyxcoin. As… pic.twitter.com/a1Ne26S9tM

— BladeRunner.Beretta.XRP.locked in (@BryanPr37353875) February 4, 2025

Besides, partnerships and integrations have strengthened the ecosystem. As can be seen from January 20th onwards, chain service users paying with XCN will enjoy a 30% discount, while the chain loyalty program offers up to 75% off for XCN stakes. In the future, Chain.ai, an AI-powered smart contract tool, will be released for XCN holders only, further extending its use case.

Staking participation, on the other hand, surged past 3 billion XCN, driven by increased incentives of over $30,000 in gas refunds to 2,661 addresses, besides reinforcing security for the prevention of scams and protection of users. With continuous growth, strong fundamentals, and an increasingly engaging community, Onyx Protocol is surely in for a much stronger February and beyond.

Onyxcoin Price Rebounds Within the Bearish Channel

The XCN/USD 4-hour chart shows the recent price movement in a bearish channel. At the present time, the current price is $0.03012, touching support that is likely to start the rebound. Before this, consolidation had taken place with very low volatility, then upward movement with strong impetus. Currently, the structure suggests that the more likely event breakout above the bearish channel could give way to further upside momentum.

The 50-period MA is currently at $0.03090, above the current price. This can be a resistant MA where a successful breakout above confirms the change in trend into bullish. As the price soars, resistance could still be at around $0.03200 – $0.03400, as these were former highs and areas of key rejection.

Momentum Indicators Flash Early Bullish Signals

Momentum indicators show a little more extra information. At the MACD, very initial signals for the bullish crossover start to appear. The MACD line stands at 0.00041683 while staying a bit higher than the signal line at -0.00039663.

The histogram also stays a little negative at -0.00081345, but a penetration upwards will complete a confirmation of upward momentum. At the RSI, it rests neutrally at 50.59, being neither in the overbought nor oversold region. However, there is still considerable room for any price movement accordingly.

Key levels of support come in between $0.02800 and $0.02900, where buyers have previously stepped in to prevent further decline. On the Upside, a breakout above $0.03200 might open up the door toward $0.035 – $0.040. Failure to sustain above the support zone, however, may lead to another retest of lower levels.

The price, in general, rests on an important decision point. A legitimate breakout above the bearish channel and 50-SMA will be a decent bullish signal; failure to maintain above support, on the other hand, will lead to more sell-offs.