Date: Sun, February 16, 2025 | 07:01 AM GMT
In the cryptocurrency market today, altcoins are showing mixed performance, but Onyxcoin (XCN) has taken the spotlight as one of the top gainers. The token has surged over 7% in the last 24 hours, following a significant announcement from its development team.
Mainnet Announcement Fuels XCN Rally
The recent upside momentum in XCN comes after a major announcement made by the Onyx team. In an official post on X (formerly Twitter), the team confirmed the launch of the Goliath Mainnet, set for March 3, 2025.
While full details are yet to be disclosed, this mainnet launch indicates a major upgrade or a new blockchain version for the Onyx ecosystem. This news has sparked increased investor interest and speculative buying in the market.
Can XCN Break 100 MA to Confirm Uptrend?
Last month, XCN experienced an explosive rally, surging by over 1,500% and reaching a peak of $0.049 on January 26. However, this sharp rise was followed by a correction, forming a descending triangle pattern on the 4-hour chart.
Recently, the token tested triangle support at $0.01870 on February 12 and successfully bounced back, finding strong support at the 200 Moving Average (MA). This rebound led to a breakout from the triangle pattern, pushing XCN to a local high of $0.026 before facing rejection at the 100 MA resistance. As of now, XCN is trading around $0.023, showing low trading volume while retesting the 200 MA support.
If XCN manages to hold above this key support and breaks through the 100 MA resistance, it could ignite a fresh rally towards the next resistance zone of $0.034-$0.038, marking a 55% increase from the current price.
However, if the price fails to maintain support above the 200 MA, it may decline further, potentially retesting the lower support zone of the triangle.
As always, investors should remain cautious and conduct their own research before making trading decisions.
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