On April 16, 2025, Onyxcoin (XCN) faced a significant downturn, dropping to a low of $0.0170, representing a striking decline of over 37% from its highest point in the month. This retreat marks a phase where investors begin to book profits after the recent uptick in value.
The trek downwards can be attributed to a phenomenon commonly seen in the cryptocurrency market—profit-taking following a major news event. In this case, Onyxcoin was recently listed on Binance Futures. While initial reactions often see a spike, historically, cryptocurrencies like Onyxcoin tend to correct once the excitement settles. Following the announcement of the Binance listing, investors quickly capitalized on their gains, contributing to the current sell-off.
Adding to the coin’s downward spiral is the lack of further developments within the Onyx ecosystem post-listing. The total value locked (TVL) in Onyx’s network has also seen a sharp decline, plummeting to merely $123,990, a stark contrast to last week’s high of $146,000. This drop not only diminishes investor confidence but also identifies Onyxcoin as a relatively small player in a market that boasts over $90 billion in total assets across layer-1 networks.
Analyzing the situation further, market data from CoinMarketCap highlights a significant drop in trading volume, which decreased by 30% to around $93 million from an impressive $600 million just days prior. Notably, exchanges like Coinbase, Bitget, and MEXC are currently facilitating most of the trading activity.
From a technical standpoint, Onyxcoin’s price action corresponds with established trading theories. The recent daily charts suggest that the token was likely in an accumulation phase before last week’s sharp increase, followed by a markup phase where prices surged past significant resistance points, including the 50% Fibonacci retracement level. However, the token has now shifted into a distribution phase, where supply is outpacing demand. This scenario, often fueled by panic selling from traders who jumped in during the rise, suggests a further decline may be on the horizon.
Significantly, Onyxcoin has breached the critical pivot reversal point of the Murrey Math Lines at $0.0183, leading analysts to predict a potential dip of around 55% to this month’s low of $0.00755. Despite the bearish sentiment, it is important for investors to consider that cryptocurrencies are notorious for their parabolic moves. For instance, Onyxcoin previously surged by an astounding 150% within a single day back in January, and another 35% shortly thereafter. Thus, while caution is advised, the possibility for subsequent rallies remains alive.
In conclusion, the current market dynamics surrounding Onyxcoin portray a multifaceted situation influenced by profit-taking, lack of new developments, and broader market behaviors. Traders must remain vigilant and adaptable to the rapidly changing landscape of cryptocurrency.
