Onyxcoin Surges 195% as Tariff War Pause Boosts Market Sentiment

Onyxcoin, a relatively lesser-known altcoin, has experienced a remarkable surge of 195% over the past two days. This surge comes as a result of the recent pause in the 90-day "tariff war" initiated by the Trump administration, which has brought back a risk-on sentiment in the market. This shift has led to a fresh influx of retail liquidity, positioning Onyxcoin as a top contender for the best crypto to buy at the moment.

However, after four months of continuous decline, the sustainability of this rally is questionable. Historically, sharp increases are often followed by corrections, and Onyxcoin's recent gains may be running out of steam. The price of $0.0238 could potentially mark a local top, indicating a possible reversal in the near future.

Onyxcoin's journey in 2025 has been tumultuous. It started the year with a strong rally, gaining over 2,000% in just two weeks. However, the momentum was short-lived, and the coin has since dropped by 80% due to the tariff war. With the headwind lifted, there are signs of renewed interest in Onyxcoin. Daily active addresses have surged to a 60-day high of 1,646, indicating increased retail engagement and potential institutional interest. More wallets transacting the token typically suggests broader network participation and confidence, a strong bullish signal for sustained growth.

Despite the recent gains, Onyxcoin may be nearing a local top. The Relative Strength Index (RSI) has far surpassed the oversold threshold at 80, a sign of buyer exhaustion that typically precedes corrections. Additionally, XCN’s breakout has overshot the $0.0155 top projected by the descending channel that has capped price action since late February, adding weight to the case for a short-term correction. A healthy correction seems like the natural next step, shaking out weak hands and setting up a stronger base for a continuation of the uptrend.

Support at $0.01740 looks like a credible floor, marking a 27% drop from current levels. However, if profit-taking snowballs into panic selling, losses could deepen to 53% toward the key support zone at $0.011—a likely reversal point in a worst-case scenario. Nevertheless, with a potential listing on the biggest crypto exchange on the table, Onyxcoin has yet to benefit from the increased demand, a potential catalyst for further growth.