Onyxcoin Experiences Significant Price Fall: Here’s Why
Onyxcoin (XCN) witnessed a sharp decline on Wednesday, moving from $0.01421 to $0.01319. This 10.98% drop happened in the Asian evening session without any specific news. Analysts suggest it was likely due to wider crypto market weakness and a technical retest.
As of now, Onyxcoin has slightly recovered to $0.01339,following Bitcoin’s rise above $104,000. XCN faces immediate resistance at the $0.01380 point. A sustained buying pressure might push it back to $0.014.
Several factors clarify the price dip. Over the past week, Onyxcoin’s 24-hour trading volume stayed between $24 million and $27 million. While modest, small order imbalances in this volume can cause significant price swings.
The $0.01330-$0.01340 range acted as short-term support. Buyers stepped in around $0.01339 in early U.S. hours, stabilizing the token. Broader altcoin pressure, influenced by Bitcoin’s recent indecision and macro uncertainty, also affected XCN.
onyxcoin’s move towards Layer-3 infrastructure could be contributing to its price fragility. With crucial DAO votes approaching, traders are vigilant. Draft proposals hint at a possible doubling of staking rewards, which could support prices or trigger more profit-taking.
For now, Onyxcoin is balanced between its long-term potential and short-term market challenges, a common position for altcoins in 2025’s unpredictable crypto world.
