XCN Crypto rose to 43% on the last day when Onyx announced the launch of his own Layer-3 blockchain.
Onyxcoin’s token (XCN) broke out of his four days from the downward trend to an intraday height of $ 0.033 on February 4. Today’s profit pushed its market capitalization to almost $ 1 billion, while the monthly profit was extended to more than 1,000% from the last check Tuesday afternoon, Asian time.
XCN’s price rally came together with a leap into demand and commercial activity. In the last 24 hours, Altcoin’s daily trade volume rose by 20% to more than $ 434 million, while the open interest in its futures market increased by 17% to almost $ 21 million per Coinglass data.
What did XCN collect today?
The most important catalyst behind the XCN meeting today is the launch of his own Layer-3-blockchain, the Onyx XCN whides book. According to an excerpt from his official blog afterThe blockchain is “designed for financial quality applications and offers the offering of near-instant confirmations and low costs.”
Built on Arbitrum Orbit and secured by Coinbase’s Layer-2 Chain, Base, will use the XCN platform as its native guests and EIP-1559 to burn to burn tokens with every transaction. Burning tokens permanently removes them from the total supply of a crypto activum, creating theoretical deflatory pressure and scarcity, which can stimulate demand and lead to a price increase.
The buyer’s question for XCN has also risen for the launch of the XCN Ledger. According to Coinglass, since 27 January have been out of centralized fairs consistently surpassed intake.
XCN has also benefited from the recovery of Bitcoin (BTC), together with the wider crypto market, which follows more than $ 2 billion in liquidations the previous day. The leading crypto assets returned to the level of $ 100k on Tuesday morning, in accordance with a jump of 4.6% in the global Crypto market cap.
XCN price analysis
On the daily graph, the price of XCN remains high above the progressive averages of 50 and 200 days, which means that while the Bullish trend of XCN is still holding, it is actively approaching an overbough level and will soon be able to get a potential reversal.
This is confirmed by the MACD and price sciller lines that point downwards, which also indicates a potential reversal of the current trend. The relative strength index also points to a bearish divergence with the price that weakness indicates in the current trend with a potential reversal or correction on the horizon.
Based on these signals, XCN could withdraw to the psychological support level of $ 0.025. However, this scenario can become invalid if Bitcoin will regain its bullish momentum in the coming days.
At the time of the press, XCN still traded at $ 0.0299 per coin by 12.4% on the last day.
