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Onyxcoin Surges 35%: New Blockchain, Exchanges Drive Bullish Momentum

Coin WorldThursday, Jan 30, 2025 6:23 am ET

1min read

Onyxcoin (XCN) has surged by 35% in the past 24 hours, leading the top gainers in the cryptocurrency market. The token's impressive performance has caught the attention of investors and analysts alike, with many speculating about the factors driving its momentum.

The recent rally in XCN can be attributed to several key developments. First, Onyx has teased the upcoming launch of its new blockchain, the Onyx XCN Ledger, which has generated excitement and anticipation among investors. Additionally, the token has been listed on several major exchanges, including Kraken Pro and AscendEX, providing increased liquidity and accessibility for traders.

Technical analysis of XCN's price action reveals a strong uptrend, with the token positioned above both the 50-day and 200-day moving averages. The MACD lines are pointing upwards, and the Supertrend line remains below the asset's price, indicating a robust bullish trend. However, the Relative Strength Index has been hovering in the overbought zone, suggesting a potential pullback or consolidation if buying momentum starts to wane.

The market capitalization of Onyxcoin has surpassed $1.2 billion, with Coinbase accounting for around 37% of its total volume. The token's remarkable rise has pushed its price to levels not seen since mid-2022, and its market performance has outshone that of other top cryptocurrencies such as Bitcoin, Ethereum, and Cardano.

As Onyxcoin continues to gain momentum, investors and traders will be closely monitoring its price action and fundamental developments. The upcoming launch of the Onyx XCN Ledger, along with other potential partnerships and listings, could further fuel the token's rally and drive it towards its ambitious $2 price target.

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