Onyxcoin Surges 1414% in a Month, Whales Accumulate

Onyxcoin, a cryptocurrency, has experienced a remarkable surge in its price, increasing by 1414% over the past month and reaching a two-year high. This significant rally has raised questions about the sustainability of the uptrend and the factors driving the market optimism.

Onyxcoin (XCN) reached a two-year high of $0.049 in the past month, following a strong upswing. Although the price has since corrected, it remains at $0.03713, representing a 245.61% increase over the past week. The monthly charts show a bullish outlook, with XCN hiking by 1414.6%. Despite this impressive performance, XCN is still approximately 79.7% below its all-time high (ATH) of $0.18, recorded three years ago.

The market conditions suggest that both retail investors and whales have been actively accumulating Onyxcoin. Whale holdings have surged from 57.36 billion XCN tokens to 63.35 billion over the past week, marking a 5.99 billion increase. This accumulation is also evident in the exchange flow balance, which has dipped to negative territory, indicating that more XCN tokens are flowing out of exchanges than inflow. This trend reflects positive market sentiment.

Network activity and utility have also been growing, as evidenced by a positive adjusted price DAA divergence. This has remained positive over the past seven days, suggesting that more users are entering the market and adoption rates are surging. Additionally, Onyxcoin investors currently feel that XCN is undervalued, offering a buying opportunity for investors to accumulate the asset at lower prices. The negative MVRV ratio (-6.62) confirms this undervaluation.

In conclusion, Onyxcoin is currently in a strong bullish phase, with investors actively accumulating the altcoin. The high demand created by whales and retailers positions XCN for further gains. If the market holds these sentiments, XCN could attempt a rally to $0.05. However, a market correction may see a decline to $0.0304.