The native cryptocurrency XCN gained 43% in a day when Onyxcoin revealed its third-layer blockchain named the Onyx XCN Ledger. An intense market movement boosted XCN to $0.033 on February 4 and eclipsed its four-day declining phase. The result pushed XCN’s total market worth near $1 billion.
The trading activity for XCN picked up strongly as daily volume spiked 20% to $434 million and open interest for futures contracts increased by 17% to $21 million according to CoinGlass. During Asia’s trading hours, XCN increased its value by more than 1000% by Tuesday afternoon.
XCN Cryptocurrency Transaction System
The Onyx XCN Ledger operates on Blockchain Arbitrum Orbit and uses Base as its security system to support financial-grade applications. Onyx XCN Ledger will operate with its own cryptocurrency XCN to perform transactions through the EIP-1559 Ethereum burning system. The action of burning XCN tokens in transactions helps decrease available tokens which may increase product demand.
Investor excitement for XCN has grown before the mainnet launch as CoinGlass data reveals a continuous stream of more money out of exchanges than into exchanges since January 27th. The price increase of XCN matches Bitcoin’s comeback to above $100,000 on Tuesday morning.
Following President Donald Trump’s agreement with Mexican and Canadian leaders to postpone tariffs the entire cryptocurrency market gained 4.6% total investment value in a single day. The technical patterns show that the current strength in XCN could face an upcoming drop. Although XCN stays above its major moving timeframes the falling MACD indicator suggests a potential market pullback.
The Relative Strength Index bears an unfavorable pattern that indicates future market shifts could happen soon. XCN needs to hold its gains for Bitcoin to stay optimistic about reaching $0.025 support level. At press time XCN held a market value of $0.0299 with a 12.4% uptick during the last 24-hour period.
