Onyxcoin (XCN) value has exploded over the past week, hovering 80% as bulls held the reins six days in a row. With this breakout, the value has escaped the six-week-long consolidation beneath $0.0128, and now traders have a renewed hope as they eye an much more rigorous ascent to $0.04.

$xcn
20 day by day crimson candles down.
20 inexperienced crimson candles up?

Appears to be what’s occurring as we get nearer to March 1st mainnet.
That’s 172% pump from 0.014

If extra folks begin to understand this can be a JP Morgan blockchain then it may possibly see some intense fomo at any second.$btc $eth pic.twitter.com/SCKEq4j17l

— Buzzer Bull (@BuzzerBulls) February 12, 2023

On the time of writing, XCN value was buying and selling at $0.0176 after gaining 11.71% on the final day. The token had additionally surged 17.35% in buying and selling quantity over the past 24 hours to $73.5 million alongside a hovering market cap, up 21.95% to $414.7 million.

XCN Token Rallies As Countdown To Mainnet Launch Continues

The rally comes because the countdown to the March 1 Mainnet launch continues, which is anticipated to extend the utility of the XCN token. The token’s use instances embrace paying for Chain companies comparable to Cloud and Sequence. The Chain Pockets may also be used for the Onyx Liquidity Protocol through the TestNet and the oncoming Mainnet from the anticipated March 1 launch date. Different use instances for the XCN token embrace staking, governance, and funds.

A part of the $XCN utility is with the ability to pay for @Chain companies comparable to Cloud and Sequence. You can too use the Chain Pockets for the Onyx Liquidity Protocol throughout testnet and our mainnet from the anticipated March 1st launch date. Be taught extra at https://t.co/wQZajrO0t3 pic.twitter.com/qsaTE0c95l

— Onyx (@OnyxProtocol) February 10, 2023

In an official Twitter publish on February 9, the Onyx protocol mentioned, “We’re thrilled to announce that the Onyx Liquidity Protocol is aiming to launch on March 1 pending the completion of audits. Presently, we’ve got obtained phrase that our audits must be prepared by subsequent week!”

The remark got here on the identical day that the Onyx DAO proposed to extend XCN staking rewards by 3x to make the APR roughly 33%.

Because the Onyx protocol continues saying adjustments and updates, the thrill round this occasion has catapulted the XCN token to the highest ten cryptocurrency performers throughout the beneath the 200 market cap cash with a constructive approval score as traders get pleasure from driving the breakout.

Prime 10 #Crypto Performers in previous 3 Days inside Prime 200 Marketcap Cash:

1. $FLOKI 25.62%
2. $XCN 24.03%
3. $ASTR 21.75%
4. $WEMIX 21.70%
5. $FTM 18.93%
6. $GMX 18.08%
7. $CVXCRV 17.27%
8. $CRV 16.46%
9. $AGIX 15.64%
10. $BAL 13.24% pic.twitter.com/b0Icdlqtd4

— HODLstarter.com (@HODLstarter) February 15, 2023

From the feedback following the announcement, many customers have already put in the chain pockets in anticipation of the mainnet launch. The Onyx protocol has additionally been lively to provide updates, together with a latest discover that the XCN, BTC, LINK, UNI, WPUNKS, and wBTC testnet can be among the many belongings out there for lending and borrowing as soon as the Mainnet goes dwell. As soon as the Mainnet goes dwell, Onyx Liquidity Protocol customers can provide these belongings as collateral.

Not too long ago, the protocol went dwell with its flagship Onyx Bridge, permitting XCN token holders to bridge their Ethereum (ETH) based mostly XCN to Binance Sensible Chain (BSC) and vice versa by means of the decentralized bridge. Moreover, the XCN token was listed on Strike Finance solely just lately, after their SIP-31 proposal was authorised.

Onyxcoin Worth Soars 80% As Traders Journey The XCN Breakout

The Onyx protocol’s XCN token has been buying and selling with a bullish bias over the previous week, hovering 80% as bulls set their eyes on the horizon at $0.04. On the time of writing, the token was buying and selling at confronting a roadblock at $0.01766 as bulls pushed to interrupt previous the $0.02 barrier. A rise in shopping for stress previous this stage may set the tone for the XCN value to report extra positive factors.

With the present development, the primary logical transfer for the Onyxcoin value can be the 50% Fibonacci retracement at $0.02135. With the hype across the Mainnet launch solely rising, the token is anticipated to maneuver increased and retest the 78.6% Fibonacci retracement at $0.02792, adopted by the 107% Fibonacci retracement at $0.03445.

In extremely bold instances, the token may soar increased to retag the 132% Fibonacci retracement at $0.04020. Such a transfer would signify a 128.31% climb from the present value whereas finishing a 308.11% ascent from the $0.00985 flooring value.

XCN/USD Every day Chart

The constructive outlook of the Transferring Common Convergence Divergence (MACD) supported this bullish outlook, transferring upwards within the constructive area above the imply line. With it, the histograms have been additionally flashing deep inexperienced. Collectively, the 2 indicators confirmed that bulls have been main the market.

On the draw back, if traders turn into grasping and resolve to e-book early income, the sell-off may interrupt the present rally sending the token’s value southward. In such a case, bulls could possibly be wanting on the 50-day Easy Transferring Common (SMA) on the $0.012 stage for a breather in case they wished one other shot at taking management of the Onyxcoin market.

If the value conforms to a downtrend, XCN value may retest the 23.6% Fibonacci retracement at $0.01528. In excessive instances the place traders flock to the XCN market’s exit door, the value may descend to retag the $0.00985 assist flooring.

The Relative Power Index (RSI) at 79 confirmed that the token was overbought, suggesting {that a} pullback was close to sight. Discover that the RSI indicator and the 50-day SMA have been flattening out, which could possibly be an indication of purchaser fatigue or easing momentum, and the bull run was over.

XCN Alternate options

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— Meta Masters Guild (@MEMAGgames) February 14, 2023

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