Onyxcoin Soars 200%-But Will It Stay afloat? 💸🔥

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Onyxcoin has had a rather dramatic recovery, reaching its highest point since October 2nd. A 200% surge from its lowest point this year, which is quite the feat, though one might question the sanity of those who invested at the bottom. 🤯

  • Onyxcoin price has surged by ~200% from its lowest level this year. A testament to the resilience of investors-or perhaps their desperation. 🎯
  • The futures open interest and volume in the spot market jumped to the highest level in months. It’s as if the market suddenly discovered the concept of “interest” and “volume” after a long hiatus. 🤯
  • The token’s funding rate has crashed, while oscillators show that it is highly overbought. A classic case of “too much of a good thing”-or perhaps “too little of a bad thing”? 🧠

Onyxcoin (XCN) token jumped in a high-volume environment, a sign of strong investor demand. Its 24-hour volume rose to over $224 million, continuing a trend that has persisted this year. A trend that’s as reliable as a British weather forecast. ☔

Most importantly, activity in the derivatives market has surged in the past few days. CoinGlass data indicate that futures open interest rose to $5.8 million, its highest level since November 3. It has jumped from this year’s low of $1.2 million. A journey that’s been as thrilling as a rollercoaster with no safety harness. 🎢

XCN’s surge has also led to a substantial increase in short liquidations, which is usually seen as a positive development. Short liquidations occur when crypto exchanges are forced to close bearish positions as losses escalate. Short positions worth over $343,000 were liquidated on Tuesday, higher than the previous day’s $127,000. A spectacle that would make even the most stoic trader break into a sweat. 💦

The risk, however, is that the token’s funding rate has plummeted to the lowest level since Oct. 10, it has remained in the red since Sunday this week. A negative funding rate indicates that most investors anticipate that the future price will be lower than the current price. In other words, everyone’s betting on a crash-but the price is still going up. A paradox worthy of a Waugh novel. 📖

Onyxcoin is a cryptocurrency project that enables users to stake and earn returns, with data on its website indicating a staking yield of nearly 30%. According to DeFi Llama its ecosystem has not much going on, with Onyx having a total value locked of less than $100k. A 30% yield on less than a hundred thousand dollars-sounds like a solid investment… if you’re into that sort of thing. 💸

Onyxcoin price technical analysis

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The daily timeframe chart shows that the XCN price rebounded after finding substantial support at $0.00411. Its surge happened as investors bought the dip and as the crypto market rally continued. A rally that’s as reliable as a British weather forecast. ☔

A closer look shows that the coin has become highly overbought, with the Relative Strength Index and the Stochastic Oscillator reaching their highest levels in months. A state of euphoria that’s bound to end… eventually. 🕯️

Therefore, the price will likely retreat in the near term, potentially to the key support level at $0.00695, its highest swing on Dec. 11, which is 40% below the current level. A retreat that’s as inevitable as the setting of the sun… or the collapse of a bubble. 🌅

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2026-01-06 19:55