Onyxcoin price remains one of the strongest this month, but recent actions tell a more nuanced story. XCN is still up nearly 97% over the past seven days, but that overall gain masks a sharp shakeout. Since January 6, the token has corrected approximately 36%, after briefly touching $0.0130.
This setback has not broken the structure. Instead, XCN price is now consolidating within a bullish flag after recovering more than 4% day-on-day, as large holders step in and selling pressure fades. The key question is whether XCN will be able to initiate the explosive breakout it has been seeking for a while now.
Sponsored
Bull Flag Holds as Key Signals Emerge
On the daily chart, Onyxcoin is consolidating within a classic bull flag pattern. A bull flag forms after a strong vertical move, followed by a downward-sloping range that allows the price to cool without breaking the broader trend. XCN is currently trading near the upper boundary of this flag, suggesting that pressure is building.
A break above the key resistance at $0.0095 could initiate the 218% breakout path, the measured pole move.
Do you want more information about tokens like this? Subscribe to editor Harsh Notariya’s daily cryptocurrency newsletter here.
Moving averages add context. An exponential moving average, or EMA, gives more weight to recent prices and helps track short-term trend changes. Onyxcoin’s 20-day EMA is now rising towards the 100-day EMA, indicating a possible bullish crossover if the momentum holds.
Sponsored
The 200 day EMA is especially important here. During the previous rally that began in late December, XCN accelerated once the price reclaimed this long-term trend line. The price is again around the same level. A clean move above the 200 day EMA would strengthen the flag breakout case and confirm that buyers remain in control.
So far, the price has not broken the bullish pattern despite the 36% drop that started on January 6. This appears to be a consolidation, not a rejection.
Whale accumulation grows as selling pressure fades
On-chain data supports the bullish setup.
Following the XCN price correction on January 6, whales began to accumulate. Wallets holding large Onyxcoin balances increased their combined holdings from approximately 42.26 billion XCN to approximately 42.55 billion XCN. This represents an addition of almost 290 million XCN tokens during the consolidation.
Sponsored
At current prices, that buildup represents roughly $2.6 million in buying pressure. More importantly, it started just as the price pulled back, suggesting that the whales were buying the dip rather than coming out strong.
Exchange data supports this view. Currency inflows, which track the number of tokens sent to exchanges and often indicate selling intent, peaked on January 6. That spike aligned with falling prices. Since then, foreign exchange inflows have plummeted from around 1.53 billion XCN to approximately 51 million XCN, a drop of nearly 97%.
This sharp drop indicates that the selling pressure has exhausted. Fewer coins are moving onto exchanges and more supply remains off the market. Combined with whale accumulation, this creates an environment of supply shortages that favors continuation rather than collapse.
Sponsored
Key Onyxcoin Price Levels Deciding Breakout
The first Onyxcoin price level to watch is $0.0090, which aligns closely with the 200-day EMA. Staying above this level keeps the bullish structure intact and increases the chances of a breakout.
The actual trigger zone is near $0.0095. A daily close above this level would confirm a breakout from the flag’s upper trend line. If that happens, the price could retest $0.0130, the recent local high and the first major resistance.
On the downside, $0.0083 is the key support. Losing this level would weaken the flag structure and suggest that the consolidation is failing. Below that, $0.0069 becomes critical. A sustained move below this zone would completely invalidate the bullish setup.
For now, Onyxcoin remains in balance. XCN price is consolidating, whales are piling in, and selling pressure has cooled off dramatically. Whether this turns into an explosive breakout depends on how Onyxcoin price reacts around the flag resistance and long-term moving averages.