Whales load up on Onyxcoin – Will XCN break $0.03 or stall below…

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• Onyxcoin increased by 15% after breaking a six -month -old wedge, supported by growing point purchases and a capacity of $ 88 million. However, derivative traders have changed the sellers and raised doubts about how long the assembly could take.
  

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Onyxcoin [XCN] joined the list of escaping altcoins, published 15% of daily profits at the time of the press and pushed its market ceiling over $ 500 million.

In addition to the price increase, the volume of everyday trading also increased by 77%, which was equal to $ 88 million.

But now there is a test – will XCN keep escaping or capture back to support?

After six months of waiting, XCN is released

XCN pierced the peak of the descending wedge that held him under control for half a year. Escape moved the price to $ 0.01518, while the previous resistance of nearly $ 0.014 has now potentially overturned support.

As you can see in the graph, onyxcoin tried to break the upper trend line several times before it proceeded.

If the XCN price decreases over $ 0.015, retracement may be experienced, which could bring it to the lower trend line of the wedge.

Essential target support to $ 0.014 and $ 0.012 would determine whether Altcoin can loop.

Movement from the wedge was a bull indication and if the price was maintained to remain above $ 0.015, new maximum can be expected up to the next level of resistance to $ 0.03, which should be interrupted.

Does the transmission drives?

Data on the string from Etherscan It showed $ 1.78 billion transferred in 24 hours, with a transaction value of $ 31 million.

This increase came from 3,596 transactions, which included 1,414 unique receivers and 992 unique sender – a total of 1,668 unique participants.

In particular, large network transfers often precede the price assembly or selection. In this case, the activity seemed more associated with strategic accumulation than panic exits.

Spot vs. Derivatives – Who has the advantage?

Another view of the most watched metrics Cryptoquant They showed that, in addition to transfers, other factors were driving the price increase of XCN.

Cryptoquant’s data showed that whale commands, with large bundles of purchase for $ 0.0144, just before the escape.

The cumulative volume of delta cumulative volume also overturned the green light, indicating that the recipient buyer took over the check.

But there’s a twist.

Derivative traders were not so bull.

The sale of orders stacked on the futures markets and points to the short positions that are being built, although point traders offer higher prices.

This divergence reflects hesitation from lever players despite a clean technical escape.