Onyxcoin [XCN] has traded within a multi-month descending channel, reflecting intense downward pressure.
However, after holding $0.005 support, the altcoin jumped 39% to a local high of $0.00695, then sharply retraced. At press time, XCN was trading at $0.0055, up 4.14% on the daily chart.
But what triggered this volatility?
Onyxcoin liquidity jumps with Robinhood listing
In a massive boost for struggling XCN, Robinhood listed the altcoin for trading. According to the official report, XCN will be available for trading, including in New York.
Usually, listings attract additional market attention, thereby positively impacting liquidity. As a result, Onyxcoin’s trading volume soared 219% to $45.53 million, indicating growing on-chain activity.
Thus, XCN mostly rallied, driven mainly by increased trading on Robinhood, as investors jumped in to accumulate. As a result, buyers regained control of the market.
According to Coinalyze, the altcoin saw 960 million in Buy Volume compared to 850 million in Sell Volume over the past 24 hours, at press time.
As a result, XCN recorded a positive buy-sell delta of 110 million, a clear sign of aggressive accumulation.
XCN whales take charge
While the altcoin has traded within a narrow range over the past weeks, Onyxcoin whales have dominated the market.
Spot Average Order Size Data from CryptoQuant showed Large Whale Orders over the past month, reflecting increased whale participation.
Interestingly, following the Robinhood listing, Onyxcoin whale activity on the buy side surged significantly.
At press time, Nansen reports that Top Holders boosted their holdings by 28%, adding 911 million tokens in the past 24 hours. During the same period, whales sold just 274.35 million tokens, resulting in a net positive balance change of 636.6 million.
Such a massive balance signals increased accumulation from the group. Historically, increased whale demand has preceded prices.
Can the momentum hold?
According to AMBCrypto, Onyxcoin experienced upside volatility following the Robinhood listing, which attracted demand across the market.
As a result, the altcoin’s Relative Vigor Index (RVGI) jumped to 0.046, as of writing. This indicates a strong upward momentum.
At the same time, its Relative Strength Index (RSI) dropped from 55 to 48, suggesting that profit takers also jumped to cash out.
Such market conditions suggest both sellers and buyers are actively battling for market control. Thus, the next move depends on who displaces the other.
If buyers, especially whales, continue to accumulate, as seen recently, XCN will hold above $0.0055 after the listing hype subsides. As a result, bulls will be well positioned to target $0.0063.
However, if sellers retake the market, the altcoin will likely breach $0.005 support level.
Final Thoughts
- Onyxcoin experienced extreme volatility, jumping to $0.0069, before retracing to $0.0055 at press time.
- XCN rallied as Robinhood listing drove demand across the market, especially from whales.
