Onyxcoin (XCN) price soared 16% as the altcoin outpaced peers.
Gains for XCN came as daily volume rose by more than 600%.
Most altcoins are trading green on the daily and weekly time frames amid risk-on sentiment.
Onyxcoin (XCN) is outpacing most altcoins in the past 24 hours as interest in the token sends its price skyrocketing.
Attention on the XCN coin has seen its price jump more than 16% in the past 24 hours, with volume exploding a staggering 600%.
With Onyxcoin eyeing a likely listing on a major exchange, its price could rally to new multi-month highs.
Onyxcoin price jumps as volume explodes
The broader cryptocurrency market is experiencing notable optimism as Bitcoin’s resilience above $100k continues to boost traders.
Ethereum’s gains have also seen altcoins eye fresh traction, as investors look to diversify their portfolios beyond Bitcoin.
While the fear and greed index, a key indicator of market sentiment, trends in the greed zone, small caps like Onyxcoin are building momentum.
In the past 24 hours, Onyxcoin’s price has surged more than 16%, reaching $0.022.
The token traded at lows of $0.016. Amid this hyped performance, XCN has recorded a daily volume of over $210 million.
This remarkable performance has positioned XCN as one of the top gainers in the cryptocurrency market.
Speculation about a potential Binance listing has the market in anticipation of fresh gains, which is the case if bulls continue to dictate sentiment.
“Crypto is leading the rebound. $BTC is nearing ATHs, $ETH is catching up, and with Coinbase set to join the S&P 500 on May 19, digital assets may see a fresh wave of inflows,” QCP Capital noted.
XCN price analysis
Onyxcoin’s price action looks bullish given the current movement and technical indicators. A look at the charts shows there’s notable resistance around $0.023.
However, above this, buyers may want to push for a retest of the hurdle near $0.030 and one-year highs of $0.35.
The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators on the daily chart align with this outlook.
If bulls manage to break above resistance at the $0.023 level, they could pull XCN to new multi-month highs and target new gains.
However, a dip to $0.016 could accelerate selling, with a potential breakdown that pulls prices to lows of $0.0084 reached in early April 2025.
The long-term descending trend line gave way for recent gains, but bulls are not completely out of the woods.
Despite this, the huge volume coupled with broader market sentiment suggests that Onyxcoin could be positioned for a new leg up.
