Onyxcoin holds bullish structure as sell pressure plunges over 90%

Beincrypto reports Onyxcoin (XCN) price is holding a bullish structure as selling pressure has plunged and large wallets are re-accumulating.

XCN rallied more than 70% over the past month but then corrected nearly 40% from its January highs and slid about 7% in the past 24 hours, yet the broader bullish structure remains intact. On the 12-hour chart the token trades inside a falling wedge, a typical bullish continuation pattern, though momentum has weakened after multiple rejections near the wedge’s upper trend line since January 11.

On-chain data shows exchange inflows fell from roughly 440 million XCN to about 33 million in two days — a drop of over 90% — while whale holdings moved from roughly 42.63 billion XCN to 42.49 billion between January 11 and 12 before rising to about 42.53 billion over the past 24 hours. Price sits above the 20-EMA with the 50-EMA approaching the 200-EMA; a move above $0.0093 would preserve a projected 38% upside (confirmation above $0.0098 targets near $0.0124), whereas a loss of the 20-EMA and a break below $0.0077 would invalidate the bullish setup and risk deeper downside toward $0.0041. The report notes the analysis is for informational purposes only and should not be considered financial or investment advice.

Key Topics

Crypto, Onyxcoin, Whales, Exchange Inflows, Falling Wedge, Exponential Moving Averages