Onyxcoin price plummets 11%: what triggered the decline?

The token went from $ 0.01421 to $ 0.01319 during the Asian session on Wednesday. The 10.98% dive came without any clear new catalyst, suggesting a reaction to a wider weakness in the cryptography market and a technical retain for key support.

According to CoinmarketCap data, onyxcoin (Xcn) saw a volatile correction of 10.98% during the Asian negotiation session on Wednesday, from its daily top of $ 0.01421 to a low swing of $ 0.01319 in a few hours.

At the time of the press, Onyxcoin had recovered slightly to exchange $ 0.01339, the partial rebound coinciding with Bitcoin rebound over $ 104,000. XCN is now faced with immediate resistance to the termination point of 0.01380, while the sustained purchase pressure could see a psychological level of $ 0.014.

Why the XCN price plunged

Several key factors help explain the fall on Wednesday. During last week, the XCN 24 -hour negotiation volume fluctuated between $ 24 million and 27 million dollars, relatively modest compared to capital’s peers, but still liquid enough for small imbalances to cause clear fluctuations.

This backdrop even means modest imbalances of order, whether it is the profit by initiates or the stops activated by the bots, can trigger disproportionate movements. Despite the absence of any negative new, the wider Altcoin sector was under pressure while the indecision and the macro uncertainty of Bitcoin weigh on feeling.

In the case of XCN, the fork from 0.01330 to $ 0.01340 acted as a short -term support area. The token stabilized around $ 0.01339 at the start of the United States while buyers work to absorb recent liquidations.

Beyond the structure and feeling of the market, the fundamentals of Onyxcoin can also contribute to fragility. The ambitious change of the project towards the infrastructure of layer 3 is now faced with its first serious stress test, because the token has trouble maintaining critical support levels.

With less than two weeks to be done before the conclusion of crucial DAO votes, the merchants are updating updates closely. The plans for proposals examined by Crypto.News suggest a potential doubling of the rewards of staggered – a movement which could either provide short -term support or trigger another wave of profits.

For the moment, Onyxcoin remains between its long -term technical promise and the short -term realities of the market, a precarious position which has become more and more common for altcoins sailing in the unpredictable cryptographic landscape of 2025.