Onyxcoin listed on Robinhood driving, a surge to $0.00695.

Onyxcoin [XCN]  has traded inside a multi-month descending channel, reflecting intense downward stress. 

Nonetheless, after holding $0.005 assist, the altcoin jumped 39% to an area excessive of $0.00695, then sharply retraced. At press time, XCN was buying and selling at $0.0055, up 4.14% on the each day chart. 

However what triggered this volatility?

Onyxcoin liquidity jumps with Robinhood itemizing

In a large enhance for struggling XCN, Robinhood listed the altcoin for buying and selling. In response to the official report, XCN will likely be accessible for buying and selling, together with in New York. 

Often, listings entice further market consideration, thereby positively impacting liquidity. In consequence, Onyxcoin’s buying and selling quantity soared 219% to $45.53 million, indicating rising on-chain exercise. 

Thus, XCN principally rallied, pushed primarily by elevated buying and selling on Robinhood, as buyers jumped in to build up. In consequence, consumers regained management of the market. 

In response to Coinalyze, the altcoin noticed 960 million in Purchase Quantity in comparison with 850 million in Promote Quantity over the previous 24 hours, at press time.

Supply: Coinalyze

In consequence, XCN recorded a constructive buy-sell delta of 110 million, a transparent signal of aggressive accumulation.

XCN whales take cost

Whereas the altcoin has traded inside a slim vary over the previous weeks, Onyxcoin whales have dominated the market.

Spot Common Order Measurement Knowledge from CryptoQuant confirmed Massive Whale Orders over the previous month, reflecting elevated whale participation. 

Supply: CryptoQuant

Apparently, following the Robinhood itemizing, Onyxcoin whale exercise on the purchase facet surged considerably. 

At press time, Nansen studies that Prime Holders boosted their holdings by 28%, including 911 million tokens prior to now 24 hours. Throughout the identical interval, whales bought simply 274.35 million tokens, leading to a internet constructive steadiness change of 636.6 million.

Supply: Nansen

Such a large steadiness alerts elevated accumulation from the group. Traditionally, elevated whale demand has preceded costs.

Can the momentum maintain?

In response to AMBCrypto, Onyxcoin skilled upside volatility following the Robinhood itemizing, which attracted demand throughout the market.

In consequence, the altcoin’s Relative Vigor Index (RVGI) jumped to 0.046, as of writing. This means a powerful upward momentum.

On the similar time, its Relative Power Index (RSI) dropped from 55 to 48, suggesting that revenue takers additionally jumped to money out.

Supply: TradingView

Such market circumstances counsel each sellers and consumers are actively battling for market management. Thus, the subsequent transfer is dependent upon who displaces the opposite.

If consumers, particularly whales, proceed to build up, as seen just lately, XCN will maintain above $0.0055 after the itemizing hype subsides. In consequence, bulls will likely be properly positioned to focus on $0.0063.

Nonetheless, if sellers retake the market, the altcoin will probably breach $0.005 assist degree.

Closing Ideas

• Onyxcoin skilled excessive volatility, leaping to $0.0069, earlier than retracing to $0.0055 at press time. 
• XCN rallied as Robinhood itemizing drove demand throughout the market, particularly from whales.