The Token fell from $ 0.01421 to $ 0.01319 during the Wednesday’s Asian night session. The 10.98% drop occurred without any clear news catalyst, which suggests a reaction to a broader weakness of the cryptography market and a new technical test of key support.
According to Coinmarketcap data, Onyxcoin (XCN) They saw a 10.98% volatile correction during the Asian negotiation session on Wednesday, collapsing from its maximum daily $ 0.01421 to a minimum of $ 0.01319 in a matter of hours.
At the time of the publication, Onyxcoin had recovered slightly to operate at $ 0.01339, with the partial rebound coinciding with the Bitcoin rebound above $ 104,000. XCN now faces immediate resistance at the breakdown point of $ 0.01380, while the sustained purchase pressure could see a new test of the psychological level of $ 0.014.
Why XCN Price sank
Several key factors help explain Wednesday’s fall. During the past week, the negotiation volume of 24 hours of XCN has fluctuated between $ 24 million and $ 27 million, relatively modest compared to average capitalization partners, but still liquid enough so that small order imbalances cause acute swings.
That backdrop even means modest imbalances of order, whether obtaining profits by experts or stops activated by bots, can trigger surpassed movements. Despite the absence of any negative news, the broader Altcoin sector has been under pressure as the recent indecision and macro uncertainty of Bitcoin weigh on the feeling.
In the case of XCN, the range of $ 0.01330– $ 0.01340 acted as a short -term support zone. The Token stabilized around $ 0.01339 at the beginning of the US hours. As the buyers intervened to absorb recent settlements.
Beyond the structure and feeling of the market, the foundations of Onyxcoin can also be contributing to fragility. The ambitious change of the project towards the infrastructure of layer 3 now faces its first serious stress test, since the Token struggles to maintain critical support levels.
With less than two remaining weeks before DAO’s crucial votes conclude, merchants are closely observing updates. The proposals of drafts reviewed by Crypto.News suggest a potential duplication of reference rewards, a movement that could provide short -term pricing support or trigger another wave of profits.
For now, Onyxcoin remains caught between its long -term technical promise and the short -term realities of the market, a precarious position that has become increasingly common for the altcoins that sail through the unpredictable cryptographic landscape of 2025.