Date: Wed, February 5, 2025 | 09:48 AM GMT
The cryptocurrency market is showing signs of stabilization today, with Bitcoin (BTC) consolidating near $98K and Ethereum (ETH) holding steady at $2,700 after recovering from an earlier sharp selloff this week.
Amid this market recovery, Onyxcoin (XCN)—the native token of the Onyx Protocol—has already caught investors’ attention with a stunning 900% surge over the past 30 days. After dipping to a low of $0.018 on Monday, XCN has rebounded swiftly to $0.03031, signaling strong resilience.
Source: Coinmarketcap
Launch of XCN Ledger
One of the key catalysts behind this impressive recovery is the debut of the XCN Ledger, Onyx Protocol’s new Layer 3 blockchain network.
Announced on Tuesday, the XCN Ledger is designed for financial-grade applications, offering near-instant confirmations and low transaction fees. Unlike traditional Layer 1 and Layer 2 networks, Layer 3 blockchains aim to optimize and scale existing infrastructure, making Onyx Protocol’s innovation a game-changer in the Web3 space.
Source: @OnyxDAO (X)
Additionally, the XCN Ledger provides added utility to Onyxcoin, as it uses the XCN token as the native gas token with EIP-1559 integration. This ensures a predictable fee structure and deflationary burn mechanism, where every transaction reduces the total supply of XCN over time. As the Web3 infrastructure protocol expands, this feature could drive long-term value appreciation for XCN.
Golden Cross Signals a Potential Bullish Breakout
Looking at the hourly XCN chart, technical analysts have spotted an exciting bullish indicator—the Golden Cross.
As highlighted by @TheBlockBull , key areas marked with green circles represent moments when the 50-period moving average (50MA) crosses above the 200-period moving average (200MA)—a pattern known as the Golden Cross. Last month, a similar crossover triggered an astonishing 1600% surge in XCN’s price.
Onyxcoin (XCN) Hourly Chart/ Source: @TheBlockBull (X)
Currently, XCN is forming a large symmetrical triangle pattern, which often signals an impending breakout. If the price breaks above resistance, this could trigger another strong upward move.
What’s Next for XCN?
With the Golden Cross appearing on the chart, strong recovery momentum, and the launch of the XCN Ledger, Onyxcoin is well-positioned for potential bullish action. If market sentiment remains positive, traders could see XCN targeting $0.045–$0.050 in the coming days.
However, failure to break above the upper resistance of the triangle pattern could lead to a retest of the lower support trendline, potentially delaying a breakout.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making any investment decisions.
