Onyxcoin [XCN] has witnessed a significant upward trend in the past month, reaching a peak not seen in two years at $0.049.
After hitting recent highs, the coin underwent a slight correction and is currently trading at $0.03713, following a notable 245.61% surge over the last week.
This positive momentum is also reflected in the monthly charts, showing a remarkable increase of 1414.6%.
Despite this impressive surge, XCN is still trading approximately 79.7% below its all-time high (ATH) of $0.18 achieved three years ago.
Given the current market conditions, many are curious about the driving forces behind the newfound optimism in the market.
Will Onyxcoin Maintain its Current Uptrend?
Analysis from CryptoCrypto suggests that Onyxcoin is experiencing a strong upward push as both retail investors and large holders are accumulating the coin.
Recent data indicates that Onyxcoin whales have been actively increasing their holdings over the past week, with whale accounts now holding 63.35 billion XCN tokens, up from 57.36 billion—a significant increase of 5.99 billion tokens in just five days.
This accumulation trend is also reflected in overall market activity, as the exchange flow balance has dropped into negative territory, currently standing at -2.15 million, indicating a net outflow of XCN tokens from exchanges and hinting at positive market sentiment.
Furthermore, the number of active addresses on the network has been steadily rising, pointing towards increased network engagement and usage. This is further evidenced by a positive adjusted price DAA divergence persisting over the past week.
These metrics collectively suggest a growing interest in the market and rising adoption rates.
Investors in Onyxcoin currently perceive the asset as undervalued, with prevailing prices considered attractive entry points. This notion is supported by a negative MVRV ratio of -6.62, indicating a potential buying opportunity for investors looking to accumulate the asset at discounted prices.
In summary, Onyxcoin is currently in a robust bullish phase, with investors actively accumulating the coin. The strong demand from both large holders and retail traders positions XCN for further gains in the market.
Given the current market sentiment, Onyxcoin may aim for a rally towards the $0.05 mark. However, a corrective phase could see the price dipping to $0.0304.