- Onyxcoin emerged as a top weekly gainer after exploding by +100% in three days
- Technical indicators suggested that XCN’s price could reverse and cool off soon
Onyxcoin [XCN] was the top-performing altcoin gem this week after exploding by 135% in the last three days. Additionally, it dominated the daily gainers list and was the hottest trending asset on CoinMarketCap, with a massive +260% surge in trading volume in the past 24 hours.
Will Onyxcoin’s rally extend itself?
Source: XCN/USDT, TradingView
The wild upswing pushed the daily RSI (relative strength index) to the overbought zone, warning that the rally could be due for a cool-off. Besides, the OBV (On Balance Volume) recovered strongly from April’s lows, but faced resistance near 91B.
Taken together, the technical indicators showed massive buying pressure over the past few days. However, they tapped key levels that suggested a slight price stalling or retracement couldn’t be overruled.
Bulls could extend the rally to the mid-range channel near $0.02 if the OBV clears the overhead hurdle above 91 billion. That would be a potential 25% gain.
However, a price rejection at the mid-range could drag XCN to the 200 DMA (daily moving average), which stopped the Q1 2025 plunge and coincided with the range lows.
Onyxcoin’s low sell pressure
Source: Santiment
At the time of writing, Santiment’s data revealed that those who have held the altcoin for a month had an average of 45% unrealized profits per the 30-day MVRV. In most cases, this could attract profit-taking and stall the recovery.
However, there was low selling pressure at press time from these profitable holders. According to Santiment’s Supply on Exchanges metric, the declining trend (yellow) meant more XCN tokens were withdrawn from exchanges than deposited for sell-offs.
Simply put, bulls had little room to push higher, per the above indicators.
Source: Coinalyze
Another positive data point was that the rally was driven by strong spot and derivatives demand. This was illustrated by the rising CVD Spot and Open Interest (OI) rates. Wild liquidations could sharply drop the asset’s value whenever a rally is driven purely by leverage (spike in OI).
On the contrary, the asset could stabilize and push higher whenever the rally is supported by a strong spot demand, like in XCN’s case.
In conclusion, Onyxcoin could extend the rally to $0.023 and add another 25% gains. However, technical indicators flashed a potential price reversal and cool-off.
