Whales load up on Onyxcoin – Will XCN break $0.03 or stall below…

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Key Takeaways

  • Onyxcoin surged 15% after breaking a 6-month wedge, backed by rising spot buys and $88 million volume. However, derivative traders turned sellers, raising doubts about how long the rally can last.

Ah, Onyxcoin [XCN], ever the dramatic darling of the crypto world. A glorious 15% jump in a single day, pushing its market cap above $500 million. Quite the accomplishment, don’t you think? A real crowd-pleaser, this one. And not just the price—oh no, the trading volume also had a lovely boost, rising by 77%, or $88 million. But as they say, don’t get too comfortable, darling. The question looms: will XCN sustain this delightful breakout, or will it fall back into the arms of support? Let’s see.

After six months of waiting, XCN breaks free

After six long months of patience (or was it agony?), Onyxcoin finally broke free from the descending wedge that had it locked up tighter than a Russian novel’s plot. The breakout pushed its price to a thrilling $0.01518. Resistance? Pfft, that’s so last season. Now, it might just flip into support. Who knew math could be so dramatic?

The chart shows how Onyxcoin tried several times to break that upper trendline, and only recently did it manage to make a successful escape. Like a poor soul clawing its way out of a cage—how poetic!

But hold your horses. If XCN drops below $0.015, we could see a retracement, which might drag it back to the lower trendline of the wedge. A tragic twist in the plot, if you will. Watch the key support levels—$0.014 and $0.012—because they’ll determine whether XCN can loop back into the spotlight or fade away into obscurity.

The breakout from the wedge is a bullish sign. If the price stays above $0.015, we could be looking at new highs—possibly up to $0.03. Will it break through this next resistance, or will it be another tale of unfulfilled promises? Time will tell.

Are transfers driving the surge?

Hold on to your seats, for here comes the real drama! On-chain data from EtherScan reveals that a whopping 1.78 billion XCN were transferred in just 24 hours, with a transaction value of $31 million. A flurry of activity, as if the crypto gods themselves were working overtime. This surge came from 3,596 transactions, involving 1,414 unique receivers and 992 unique senders—1,668 unique participants. Truly, this is a cast of thousands.

Now, let’s break it down. Large network transfers often signal something big—either a price rally or a selloff. In this case, it looks like strategic accumulation is the name of the game. No panicked exits here. The whales are swimming with intent. 🐋

Spot vs. derivatives—Who’s got the edge?

Let’s dive deeper into the murky waters of the market. CryptoQuant’s data reveals that whales are currently dominating the Spot market. Large buy volumes are clustered at $0.0144, just before the breakout. Spot Taker Cumulative Volume Delta turned green, meaning buyers have taken control. Victory is sweet, isn’t it?

But ah, there’s a catch, isn’t there always? Derivatives traders, those ever-cautious creatures, aren’t as enthusiastic. They’ve stacked up sell orders in the futures market, indicating they’re taking short positions even as spot traders are bidding prices higher. Talk about a dramatic divide! Who will win this battle of wits? 🧠💰

This divergence hints at hesitation from the leveraged traders. Despite the clean technical breakout, they remain wary, like a cat approaching water. A perfect cliffhanger for the next episode. Stay tuned!

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2025-07-13 06:19