Onyxcoin (XCN) Takes a Nosedive: A 10.98% Drop Shakes the Crypto World

Hold onto your hats, folks! Onyxcoin (XCN) just plummeted from $0.01421 to $0.01319 in a wild Wednesday evening session in Asia. We're talking a jaw-dropping 10.98% plunge here, and get this—no clear news catalyst in sight! It's like the token took a leap of faith right into the abyss of broader market weakness and a technical retest of key support.

According to CoinMarketCap, XCN went through the wringer, dropping from its daily high to a swing low within hours. This rollercoaster ride left investors clinging to their seats, wondering what hit them.

As of now, Onyxcoin's clawed its way back a bit, trading at $0.01339. This mini-rebound seems to be riding the coattails of Bitcoin's bounce above $104,000. But don't get too comfy—XCN's got immediate resistance at the $0.01380 breakdown point. If the buying pressure keeps up, we might see a retest of the $0.014 psychological level. Buckle up, it's gonna be a wild ride!

Why XCN Price Plunged

So, what the heck caused this freefall? Let's break it down. Over the past week, XCN's 24-hour trading volume has been bouncing between $24 million and $27 million. Sure, it's not as hefty as some mid-cap peers, but it's liquid enough for small order imbalances to send it into a tailspin.

This setup means even the tiniest order imbalances—like insiders cashing out or bots triggering stops—can cause massive moves. And despite no negative news, the altcoin sector's been feeling the squeeze as Bitcoin's indecision and macro uncertainty mess with everyone's heads.

For XCN, the $0.01330–$0.01340 range was like a safety net, a short-term support zone. The token managed to stabilize around $0.01339 in the early U.S. hours as buyers stepped up to soak up the liquidations.

But wait, there's more! Onyxcoin's fundamentals might be adding to the chaos. The project's big move toward Layer-3 infrastructure is facing its first real test, and the token's struggling to hold onto those critical support levels.

With less than two weeks left before crucial DAO votes wrap up, traders are on high alert, waiting for any updates. Word on the street is there's a proposal to double staking rewards, which could either prop up the price or set off another round of profit-taking.

Right now, Onyxcoin's stuck in a tug-of-war between its long-term potential and the market's short-term craziness. It's a nail-biter, and it's a scenario that's becoming all too familiar for altcoins navigating the unpredictable crypto landscape of 2025.