Speculative XCN Supply Falls 85% as Price Holds Heavy Support

Beincrypto reports speculative Onyxcoin holders have cut short-term supply exposure by about 85%, sharply reducing forced-selling risk as XCN tests heavy cost-basis support. HODL Waves data in the report show the one-week to one-month cohort fell from 27.56% of supply to 3.65%, and the one-day to one-week group dropped from 4.69% to roughly 0.80%.

Together these cohorts controlled more than 32% of supply earlier in the correction and now control less than 5%. Cost-basis data also highlights a dense accumulation zone between $0.0060 and $0.0061 where roughly 4.9 billion XCN were acquired. Momentum is beginning to diverge from price: the article says Onyxcoin is forming the early structure of a bullish divergence on the Relative Strength Index, but the signal is not confirmed.

For immediate confirmation the next daily candle needs to hold above roughly $0.0067; a prior divergence between October 10 and December 30 was followed by a rally of more than 200% in less than a week. With speculative supply rotated toward longer-term holders (the six- to 12-month cohort rose from 6.81% to 8.03% between December 20 and January 19), the piece notes this does not guarantee an immediate rally but reduces the risk of another sharp dip.

Key Topics

Crypto, Onyxcoin, Xcn, Glassnode, Hodl Waves, Relative Strength Index