Altcoins News
By Dan Saada
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Onyxcoin (XCN) has exploded back into the spotlight, soaring by an impressive 171% after breaking free from a prolonged downtrend. The altcoin, which had dropped to a low of $0.
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The rally comes after a tough period for XCN. Following a brief peak at $0.049 in January, the token entered a sustained downtrend, steadily losing value over the next several…
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Since then, XCN has rebounded with strength, fueled by a technical breakout that saw it breach a key resistance line.
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One of the clearest signs of this momentum shift is the token’s Balance of Power (BoP) indicator, a metric used by traders to measure the relative strength of buying versus…
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This bullish sentiment in the spot market, however, contrasts sharply with the view in the derivatives space.
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Such a setup can create the perfect conditions for a short squeeze. If the price continues to climb despite bearish bets, short sellers may be forced to cover their positions by…
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Technically, XCN has also made a significant move by pushing above its 20-day exponential moving average (EMA).
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With these signals aligning, traders are now closely watching whether XCN can sustain its climb. If current momentum holds, the altcoin could test the $0.
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On the flip side, a pause or correction in the rally could see the token fall back toward the $0.016 range, which now acts as a support level.
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What makes this rebound particularly noteworthy is the divergence between the spot and derivatives markets.
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In a market driven by sentiment and momentum, Onyxcoin’s recent rally is a reminder of how quickly tides can turn.
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