Understanding Onyxcoin's 39% Surge – Will XCN Maintain $0.0055?

Onyxcoin (XCN) has been trading within a multi-month downward trend, experiencing significant selling pressure. However, after successfully holding the support level at $0.005, the altcoin surged by 39%, reaching a local high of $0.00695 before experiencing a sharp retracement. As of the latest update, XCN is priced at $0.0055 and has seen a daily increase of 4.14%. But what has sparked this volatility?

Key Takeaways

After the Robinhood listing, Onyxcoin's price surged by 39%, peaking at $0.00695.
The trading volume for XCN increased by 219%, highlighting rising interest from investors.
Whale activity in the XCN market has intensified, with top holders increasing their positions significantly.
Market indicators show a tug-of-war between buyers and sellers, which will determine XCN's immediate future.

Onyxcoin Volatility Surges After Robinhood Listing: What Next for XCN?

The listing of Onyxcoin on Robinhood has played a crucial role in its price movement. The altcoin’s liquidity surged following this development, resulting in substantial trading volume increases. With a notable rise in participation from large investors, or "whales," market dynamics are shifting. The key question now is whether XCN can sustain its momentum and hold the $0.0055 support level amid varied buyer and seller activities.

Onyxcoin's Liquidity Boost from Robinhood Listing

The addition of Onyxcoin (XCN) to the Robinhood trading platform has provided a much-needed boost for the altcoin. As reported, XCN is now available for trading, including in New York. Typically, such listings create heightened visibility, which can increase liquidity. Consequently, XCN's trading volume surged by 219%, reaching around $45.53 million, indicating a rise in on-chain activity.

This surge in liquidity was largely driven by heightened trading on Robinhood, with investors eager to accumulate more XCN. According to Coinalyze, there was a total of 960 million in buy transactions compared to 850 million in sales over the last 24 hours.

onyxcoin buy sell volume

This resulted in a positive buy-sell delta of 110 million, signaling a strong trend of accumulation.

Whale Activity Influences Market Dynamics

In recent weeks, while XCN has largely traded within a narrow range, the larger investors or "whales" have played a significant role in the market. Data from CryptoQuant indicates a notable increase in Large Whale Orders in the past month, reflecting increased activity among these significant holders.

Onyxcoin spot average order size

Following the Robinhood listing, there has been a marked increase in buying activity among XCN whales. Reports from Nansen indicate that the top holders have increased their positions by 28%, adding 911 million tokens within a 24-hour timeframe, while only selling 274.35 million tokens. This led to a net positive balance of 636.6 million tokens.

XCN top holders

Such a significant increase in holdings suggests a growing interest from whales, which historically has often preceded upward price movements.

Assessing Future Momentum

According to AMBCrypto, Onyxcoin displayed upward volatility following its Robinhood listing, leading to increased demand in the market. The Relative Vigor Index (RVGI) for the altcoin rose to 0.046, signifying strong upward momentum. However, the Relative Strength Index (RSI) simultaneously fell from 55 to 48, indicating that profit-taking is occurring among some investors.

XCN RSI & RVGI

These market conditions reflect an ongoing battle for control between buyers and sellers. The next significant movement will depend on which side gains the upper hand. If buyers, especially whales, continue to accumulate, XCN could maintain its position above $0.0055 once the initial excitement around the listing fades. This could enable bulls to focus on the target price of $0.0063. However, if sellers regain control, the altcoin may dip below the critical $0.005 support level.

Conclusion

As Onyxcoin navigates this volatile period following its Robinhood debut, the interplay between whale activity and general market sentiment will be crucial in determining its price trajectory. Investors should keep a close eye on market movements to gauge future potential and risks for XCN.