Onyxcoin Faces Profit-Taking Pressure After Binance Futures Listing
Onyxcoin (XCN) has seen a price dip, reversing some of it’s recent gains. On April 16,the token’s value fell to $0.0170, a 37% drop from its monthly peak. This decline is typical as traders cash in on recent gains and await the next big event.
The drop is partly due to the “sell the news” phenomenon. After Binance Futures added Onyxcoin, many investors decided to sell. This is common in the crypto world. When a major exchange lists a token, prices frequently enough rise, then fall as traders take profits. The token’s price drop reflects this pattern.
Onyxcoin’s decline is also as of a lack of new developments. Without fresh news,some traders are locking in profits.The token’s total locked value has also decreased. It now holds $123,990 in assets, down from $146,000 last week. This decline shows it’s a small player in the layer-1 market, which holds over $90 billion in assets. The token’s trading volume has fallen by 30%, reaching $93 million. Most trades happen on platforms like Coinbase, Bitget, and MEXC. The network hasn’t made headlines since the Binance listing. This lack of buzz has led to selling. the total value locked in onyxcoin’s ecosystem has fallen, now standing at $123,990.
Trading volume has also decreased by 30%, now at $93 million. This drop is critically importent compared to last week’s $600 million. Most trades are on Coinbase, Bitget, and MEXC.
Technical analysis shows Onyxcoin was in an accumulation phase before last week’s surge.It then entered a markup phase, rising above the 50% Fibonacci retracement. Now, it’s in the distribution phase, with more sellers than buyers. The coin has fallen below a key support level of $0.0183. This suggests further declines, possibly to $0.00755. However,Onyxcoin has a history of sudden price spikes. in January, it jumped 150% in 24 hours and another 35% soon after. This volatility makes predicting its next move tricky.
