Onyxcoin (XCN) Jumps Over 30%—Bullish Momentum or a Temporary Spike?

• Onyxcoin (XCN) jumped 31%, reaching a high of $0.01485 before reversing.
• The crypto market is showing signs of a rebound, contributing to XCN’s price momentum.

As the global crypto market has seen slight green in its charts with leading cryptocurrencies showing signs of recovery. On March 12, 2025, Onyxcoin (XCN) experienced a notable 31% price increase, reaching $0.01485, before reversing. This surge is part of a broader upward trend observed since the beginning of the year.​

At the time of writing, XCN priced at $0.01322 with a market cap of $431.08 million. Additionally, the daily trading volume of XCN soared around 44.10% to $136.65 million. Despite this, over the past week, XCN’s price has declined by 15.28%, primarily due to substantial sell-offs by large holders, commonly referred to as “whales.” These investors have reduced their holdings by over 50%, selling approximately 637 million XCN (worth around $76 million), which has contributed to negative market sentiment. ​

Technical analysis indicates that XCN has struggled to surpass the resistance level at $0.015. Failure to break through this barrier could lead to further declines, potentially toward $0.0100 or lower. ​

XCN Holds Above 21-Day EMA – Bullish Signal?

In January 2025, Onyxcoin’s price skyrocketed by 1,500%, breaking out from a 640-day resistance trend line. This breakout marked the end of a prolonged correction phase, propelling XCN to a high of $0.049, its highest price since 2022. ​

(Source: TradingView)In the XCN/USDT 4 hours chart, technical indicators, such as the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD), have shown continuous upward momentum without bearish divergences, suggesting sustained strength in XCN’s price action.

Also, the price of Onyxcoin is above the 21-day Exponential Moving Average (EMA) around $0.013182, which may suggest a potential bullish trend.

Looking ahead, price predictions for XCN vary. According to the indicators that suggest a potential trading range between $0.042866 and $0.06544, with an average price of $0.05516, representing a possible return of the bull trend. However, a minimum price of $0.0105 to $0.005 indicates a more conservative outlook. ​

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