Onyxcoin’s 800% Surge: The Cryptocurrency That Just Won’t Stay Asleep!

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In a universe where cryptocurrencies are as stable as a three-legged giraffe on roller skates, the wider market, led by the ever-so-stalwart Bitcoin (BTC), which is currently lounging around at a casual $105,524 (because why not?), continues its horizontal waltz or bearish tango. Meanwhile, Onyxcoin (XCN), a decentralized governance and utility token for the Onyx protocol, has decided to wake up from its slumber and throw a party, registering a jaw-dropping 800% price surge over the past two weeks. 🎉

According to the latest market gossip, XCN is now strutting its stuff at around $0.0293, having gained over 800% in the past fortnight. It’s like that one friend who suddenly becomes the life of the party after two weeks of hibernation.

Now, let’s talk numbers! This mid-cap altcoin, with a fully diluted valuation of about $1.1 billion, has seen its 24-hour average trading volume rise by a staggering 270% to hover around $1.4 billion on a fine Friday, January 24, during the mid-New York session. It’s almost as if the universe decided to sprinkle some magic dust on it. ✨

Major Factors Influencing the Recent XCN Price Rally

The meteoric rise of XCN can be attributed to a cocktail of positive fundamentals, including a sudden spike in demand from speculative traders who are probably just as confused as the rest of us. The total XCN Futures Open Interest (OI) has surged over 24% in the past 24 hours, now hovering around $20.7 million, especially on the Bybit exchange. It’s like a game of musical chairs, but with more zeros involved.

Adding to the excitement, the Onyx DAO has resolved a long-standing issue with HTX Global and Justin Sun, which sounds like the plot of a soap opera. The 2022 drama has led to OIP-51 being deployed to grant HTX exchange market support for XCN. Who knew crypto could be so dramatic?

.@OnyxDAO is thrilled to announce the resolution of an unrelated XCN issue with @HTX_Global and @justinsuntron for a matter from 2022. OIP-51 will be deployed to grant HTX market support for $XCN

It was confirmed that the recent statements made did not relate to any recent…

— Onyx (@OnyxDAO) January 24, 2025

As a result, HTX exchange and Sun will now be involved in XCN staking and governance, because why not add more cooks to the kitchen?

As Coinspeaker recently reported, the XCN token has gained significant support from crypto traders, likely due to the growing demand for the Onyx Protocol to enable mainstream staking and farming. It’s like the cool new club that everyone wants to get into.

Already backed by top crypto exchanges, led by Coinbase Global Inc. (NASDAQ: COIN), XCN’s trading perception has shifted from “who’s that?” to “oh, I know them!” Moreover, the Donald Trump administration has made several moves geared toward enabling the mainstream adoption of digital assets and Web3 protocols. Because nothing says “trustworthy” like a former president getting involved in crypto, right? 🤔

Midterm Target

With the rising bullish sentiment for XCN, the altcoin is well-positioned to register more gains in the near term. It recently broke out of a macro cup and handle pattern, which is often followed by a major uptrend. It’s like the altcoin version of a pep rally!

For the first time, XCN’s weekly Relative Strength Index (RSI) has surged above the crucial milestone of 70%, signaling that the bulls are currently in charge. However, the highly liquid altcoin is facing a short-term correction as the leveraged market cools down, much like a hot cup of coffee left out in the cold.

In the 1-hour time frame, XCN price has been forming a potential head and shoulder pattern in the past two days, coupled with a bearish sentiment on the RSI. If the short-term bearish perception becomes a reality for more traders, XCN price might experience a 30% correction towards the support level of around $0.0166. It’s like a rollercoaster ride, but without the safety harness

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2025-01-24 23:28