## XCN Token Soars 35% in a Day, Leading Crypto Market
Onyxcoin’s XCN token has seen a dramatic increase, jumping almost 36% over the last day. This remarkable expansion is driven by fresh exchange listings and expectations surrounding forthcoming product launches. As of Thursday afternoon in the Asian region, XCN reached a daily peak of $0.0394, boosting its market capitalization beyond $1.16 billion. This spike has elevated the altcoin to a weekly gain exceeding 195% and a staggering monthly rise of over 1400%, positioning it as one of the best-performing crypto assets in the past month.
The price surge aligns with a swift rise in market demand and trading activity. Daily trading volume for XCN has climbed 60% to over $627 million in the last 24 hours. CoinGlass data also indicates a substantial increase in futures open interest, climbing 73% to an all-time high of $38.98 million.
### What’s Driving the XCN Price Increase?
XCN’s price began its climb following Onyx’s declaration of an upcoming whitepaper and the new Onyx XCN Ledger blockchain platform. Crypto assets frequently experience price increases before significant announcements that indicate ecosystem expansion. The token was also recently listed on Kraken Pro, enabling traders to trade XCN with up to 20x leverage. Onyx’s official account also declared that XCN has been nominated as a candidate token for Binance’s Next Pool, a platform where users forecast which tokens are likely to be listed on Binance’s futures market. AscendEX, another crypto exchange, has also revealed plans to list XCN trading, further bolstering market confidence.
Investor interest in XCN has also grown following the XCN community’s approval of OIP-52, a proposal designed to resolve long-standing issues with HTX Global and Tron founder Justin Sun. While the proposal has not yet been officially implemented, it is anticipated to grant Sun and HTX a greater role in the management of Onyx DAO. “This OIP will improve the Onyx protocol through the expertise, experience, and credibility that Justin Sun and HTX contribute through participation in the DAO,” the proposal states.
## XCN Technological Assessment
By scrutinizing the everyday graphical representation, XCN’s valuation is in a sky-high upswing, resting easily over the two the 50-day and 200-day dynamic averages. This proposes the optimists are as yet in power. The reality that the 50-day MA is over the 200-day MA is an exemplary hopeful sign, recommending at additional potential increases.
The MACD line is inclining upwards, and the Supertrend pointer stays underneath the cost, fortifying the strength of the upswing. Furthermore, the Chaikin Cash Stream list is positive, demonstrating continuous capital inflow into XCN.
In any case, the Relative Strength Index (RSI) has been in overbought domain (over 70) since January fifteenth. This is an admonition sign! On the off chance that purchasing energy eases back down, we might see a pullback or solidification stage.
Given the current energy, XCN optimists are probably focusing on the mental obstruction level of $0.04. From that point forward, they’ll most likely attempt to retest the $0.047 obstruction, which demonstrated too intense to even consider breaking before this week.
