Onyxcoin Whales Accumulate 10 Billion XCN as Retail Misses a Layered Rally Setup
Onyxcoin whales are aggressively accumulating nearly 10 billion XCN while retail participation has sharply declined following a major price correction.Summary
Onyxcoin (XCN) is attempting to stabilize after a sharp 60% correction from its late December highs, currently trading within a falling wedge pattern on the 12-hour chart.
Retail trader participation has significantly slowed, evidenced by a 99% drop in daily exchange outflows, suggesting caution due to potential bearish signals like a possible 50/100 EMA crossover. In contrast, large holders (whales) are showing strong conviction, accumulating nearly 10 billion XCN in the last 24 hours, valued around $55 million.
This whale accumulation is supported by on-chain data showing strong demand clustered between $0.0052 and $0.0053, limiting downside risk. Furthermore, a bullish divergence on the 4-hour chart, which retail seems to have missed, suggests fading selling pressure. A sustained close above $0.0057 could trigger a rally toward resistance at $0.0061 and potentially higher targets like $0.0070.
(Source：BeInCrypto)