The Onyxcoin (XNC) crypto price is in the bullish zone and has been demonstrating bullish momentum for the past few sessions. Moreover, the token is sustaining gains above the key exponential moving averages and is capable of escalating the gains. The token has given a bullish crossover and has surged over 81.50% this month, replicating the bullish momentum.
At press time, the Onyxcoin (XNC) price was trading at $0.00315 with an intraday gain of 3.27%, indicating bullishness on the charts. It has a monthly return of 81.30% and 110.74% yearly. Its market cap was $85.18 Billion at press time. Indicators are bullish and suggest the XNC price will attain new highs in the upcoming sessions.
The Onyx Protocol is a decentralized finance platform that enables users to lend and borrow a range of digital assets, including Ether and various ERC tokens. It operates on a peer-to-peer basis, with all transactions secured through smart contracts, ensuring that users retain control over their assets. Additionally, NFTs can be used as collateral to increase borrowing limits.
The protocol is driven by its native token, Onyxcoin (XCN), which functions as both a governance token and a utility token within the Onyx ecosystem. Borrowers using the Onyx Protocol benefit from perpetual credit lines that do not require monthly repayments provided the collateral remains adequate.
XCN Crypto Price vs Volume Analysis
According to the data on price and volume, it is noted that the volume has dropped from $175.04 Million to $14.78 Million but the price has not declined a lot as it dropped from the level of $0.004289 to $0.003073. Due to the drastic fall in the trading volume, the price may decline in the next few sessions.
XCN Crypto Social Dominance/ Social Volume Analysis
As per the data, in the long term social dominance of the XCN crypto has increased and in the short term, it has increased by 2.537%. Moreover, the social volume has declined in recent times however in the long term, it has increased with the price. Currently, the social volume is 221.
Active Addresses Comparison and Total Holders
Based on the data, the number of active addresses associated with XCN 142 has decreased in recent times. In the previous week, there were only 1034 active addresses, which indicates a sharp decline in usage. However, the number of holders has increased, with a total of 14,000 holders currently associated with the plate number.
Summary
Forecasting the trajectory of Onyxcoin (XCN), it appears that the token is currently on a bullish trend, with its price outperforming key moving averages, suggesting a strong grip by the bulls. The token has witnessed a significant uptick, ascending by approximately 31.38% this week, and showing no signs of slowing down.
Technical Levels
Support Levels: $0.00253 and $0.00221.
Resistance Levels: $0.00359 and $0.00445
