XCN, the Native Token of Decentralized Peer-to-Peer Protocol Onyxcoin, Has Jumped 15%

XCN, the native token of decentralized peer-to-peer protocol Onyxcoin, has jumped 15% in the past 24 hours.

XCN, the native token of decentralized peer-to-peer protocol Onyxcoin, has soared 15% in the past 24 hours. This performance makes it the best-performing altcoin among the top 300 cryptocurrencies by market cap.

At press time, the XCN crypto price trades at $0.020. This performance marks a sharp reversal from last week’s price action.

During that period, XCN dropped from $0.020 to $0.016 and got stuck in a descending channel. But with the recent breakout, the token appears ready to leave that downtrend behind.

Onyxcoin Leaves Bearish Pattern Behind

According to the 4-hour chart, the XCN crypto price appears to be repeating a bullish pattern that has historically driven price gains. The token has consistently formed bull flags, followed by breakouts above the upper trendline, each time leading to a sharp move higher.

This setup occurred twice in April and seems to be repeating after XCN broke out of the descending channel this week. Initially, the altcoin’s recent upswing sent the price to $0.022.

Despite a brief dip to $0.020, the Onyxcoin token is not set for an extended correction. A key reason is the Money Flow Index (MFI) — a volume-based indicator that tracks capital inflows and outflows.

The MFI has climbed to 80.61, indicating intense buying pressure and suggesting that bulls remain in control. If this trend continues, XCN’s price could rebound from its recent dip and continue trading higher in the short term.

Backed by Bullish On-Chain Data

Outside the technical outlook, CCN examined on-chain metrics including the price-Daily Active Addresses (DAA) divergence. The price DAA divergence refers to the discrepancy between price action and user engagement on a network.

For context, the DAA counts the number of unique addresses that send or receive a token daily — a proxy for actual usage and demand. When price increases and network activity falls, the uptrend is weak and the divergence is bearish.

But in this case, Santiment’s data shows that XCN’s adjusted price DAA divergence is in the positive region. This indicates sustainable user participation with the cryptocurrency, which could help increase the XCN price.

XCN Price Analysis: Additional 60% Hike?

XCN’s daily chart also points to a bullish outlook in line with this on-chain analysis and technical setup above. On May 16, the Bull Bear Power (BBP) dipped into negative territory, but has since flipped positive — a sign that bulls are regaining control over price action.

Today, the BBP, which compares the strength of bulls compared to bears, has surged into the positive region. This surge indicates that bears no longer control XCN’s price action.

In addition, the Supertrend indicator’s green line is below the price. When this happens, it indicates a buy signal.

As such, the Onxycoin cryptocurrency could breach past the resistance at $0.025. A successful breakout could pave the way for a 60% rally toward $0.031, aligning with the 0.382 Fibonacci retracement level.

On the contrary, if XCN fails to break this resistance and selling pressure intensifies, that upside may fail to materialize, and XCN’s price could retrace toward $0.012.