Onyxcoin Holders Exit in Size — How an 85% Supply Dump Could Help XCN Price
Significant selling by short-term Onyxcoin holders, reducing speculative supply by 85%, may be constructive for XCN's price stabilization near support.Summary
Onyxcoin (XCN) has seen a recent price correction of nearly 48% from its peak near $0.013, despite being up 45% over the past month. This correction is viewed positively because a large portion of speculative supply has exited, leading to thinning selling pressure. On the daily chart, XCN is forming the early structure of a bullish divergence on the Relative Strength Index (RSI), similar to a pattern that preceded a 200% rally previously. The most significant development is the aggressive exit of speculative holders (those holding for one day to one month), whose combined share of circulating supply collapsed by about 85%, moving from over 32% to less than 5%. Concurrently, longer-term holders (6 to 12 months) have increased their supply share, indicating a rotation from reactive traders to conviction holders. This supply shift reduces the risk of sharp dips. Key price levels to watch are $0.0067 for immediate divergence confirmation, $0.0060 as critical support, and $0.0096 as the level needed to signal a broader bullish trend change.
(Source：BeInCrypto)