Onyxcoin whales increased their holdings by nearly 10 billion XCN in just 24 hours.
The price remains within a falling wedge, a technical pattern that typically precedes a bullish breakout.
A bullish divergence exists between price and the RSI, signaling that selling pressure is losing strength.
The cryptocurrency market is closely watching one of the clearest divergences between retail and institutional investors. While caution dominates the market following a 60% correction, Smart Money buys Onyxcoin XCN aggressively, accumulating nearly 10 billion tokens in a single day.
This purchase, valued at approximately $55 million, suggests that large holders are taking advantage of structural support zones. Meanwhile, exchange outflows from retail investors have dropped by 99%, reflecting a lack of confidence that “whales” appear to be capitalizing on.
Technically, the asset is trading within a falling wedge on the 12-hour chart. Although there is a risk of a bearish crossover between moving averages, institutional accumulation at attractive price levels acts as a solid floor that limits downside risk.
Technical Divergences and Key Levels for the Rally
In this case, the key lies in a bullish divergence detected in lower timeframes. Between January 21 and February 3, the XCN price hit lower lows, while the RSI revealed higher lows, suggesting selling exhaustion.
Therefore, if the price closes above $0.0057, momentum could accelerate swiftly toward the $0.0061 zone. Surpassing this supply cluster would open the door to more ambitious targets located at $0.0070 and $0.0076 in the short term.
In summary, the strategy employed by whales seems clear: positioning themselves before the retail market reacts to signs of recovery. The current structure would only be invalidated if Onyxcoin loses the critical support at $0.0052, which would force a reassessment of the bullish thesis.
Smart Money Buys 10B XCN: Is Onyxcoin Preparing a Hidden Rally? - Crypto Economy
TL;DR:
The cryptocurrency market is closely watching one of the clearest divergences between retail and institutional investors. While caution dominates the market following a 60% correction, Smart Money buys Onyxcoin XCN aggressively, accumulating nearly 10 billion tokens in a single day.
This purchase, valued at approximately $55 million, suggests that large holders are taking advantage of structural support zones. Meanwhile, exchange outflows from retail investors have dropped by 99%, reflecting a lack of confidence that “whales” appear to be capitalizing on.
Technically, the asset is trading within a falling wedge on the 12-hour chart. Although there is a risk of a bearish crossover between moving averages, institutional accumulation at attractive price levels acts as a solid floor that limits downside risk.
Technical Divergences and Key Levels for the Rally
In this case, the key lies in a bullish divergence detected in lower timeframes. Between January 21 and February 3, the XCN price hit lower lows, while the RSI revealed higher lows, suggesting selling exhaustion.
Therefore, if the price closes above $0.0057, momentum could accelerate swiftly toward the $0.0061 zone. Surpassing this supply cluster would open the door to more ambitious targets located at $0.0070 and $0.0076 in the short term.
In summary, the strategy employed by whales seems clear: positioning themselves before the retail market reacts to signs of recovery. The current structure would only be invalidated if Onyxcoin loses the critical support at $0.0052, which would force a reassessment of the bullish thesis.