XCN's rally could be more than a spike — signs of long-term reversal are stacking up | Credit: Derek Fenech
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Key Takeaways
XCN has rallied 12% to $0.017, confirming a bull flag breakout that began forming in April.
Positive DAA divergence shows network activity that could support the Onyxcoin price rally.
If the CMF reading turns positive, XCN’s price could break through the $0.020 resistance.
XCN, the native token of the Onyxcoin project, has rallied 12% in the last 24 hours. During this period, the Onyxcoin price has moved from $0.013 to $0.017 amid rising trading volume.
The increase in volume indicates rising market interest in the cryptocurrency and has helped confirm the breakout. While similar price moves can sometimes result in a fakeout, current indicators suggest this is not true for XCN.
Onyxcoin Turns Flag to Flight
On the daily chart, XCN’s recent surge can be attributed to a breakout from a bull flag pattern, which had been forming since April 10.
The pattern began with a sharp price increase to $0.027, which formed a flagpole. During the flag’s formation, Onyxcoin’s price declined from $0.026 to $0.013 due to sustained selling pressure.
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But today, the altcoin’s value is above the flag’s upper trendline. This indicates that the correction period has ended, and XCN’s price could be looking to trade higher.
Beyond that, the Bull Bear Power (BBP) has risen to the positive region, indicating that buyers are in control.
While the Chaikin Money Flow (CMF) has not yet crossed the zero signal line, it hovers below it. This indicates that buying pressure is steadily building.
If the CMF breaks into positive territory, it would signal a rise in capital inflow, potentially pushing the Onyxcoin price above the overhead resistance at $0.020.
From an on-chain perspective, Santiment data shows that the Daily Active Addresses (DAA) divergence for XCN is currently in the positive region.
When the price DAA divergence is negative, it indicates low user engagement, which is bearish. Therefore, the current reading suggests that network activity is increasing faster than the price.
If this trend in DAA divergence persists, it suggests that Onyxcoin’s price momentum is backed by genuine utility and increasing user participation.
This alignment between network activity and price movement strengthens the bullish case. It could enable XCN’s price to push beyond the $0.020 resistance if sustained.
The rise in the AO reading indicates rising bullish momentum. Beyond that, the XCN has broken above the Ichimoku Cloud on the daily chart—a strong bullish signal that indicates minimal resistance ahead.
This breakout suggests market sentiment has become decisively positive, and the higher path is relatively straightforward.
As long as XCN remains above the cloud, there is a strong likelihood that Onyxcoin will retest the $0.020 level. If buying pressure continues to build, the rally could extend further, potentially moving toward $0.023.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
