Onyxcoin price has declined by more than 40% in the last 72 hours following a rally that lasted for around 2 weeks. However, it looks like the token’s utility might attract the attention of a major exchange like Binance.
Crypto YouTuber from “Money and I” YouTube channel discusses Onyxcoin (XCN) and the possibility of its Binance listing. The content creator delved into XCN current market position, potential price movements, and what a Binance listing could mean for investors.
According to Money and I’s analysis, the crypto market has been experiencing a notable downturn. Many coins are showing significant losses ranging from 9% to 11%. Bitcoin’s drop below $100,000 has triggered some market anxiety, despite maintaining a strong 58% market dominance. Meanwhile, Ethereum and other altcoins have shown declining trends.
What you'll learn 👉
Growing Social Presence and Potential Binance Listing
Money and I points out a development in XCN social media presence. The project has seen substantial growth in its follower base, expanding significantly from 39,000 followers just a week prior to the video’s release. This increasing attention suggests growing interest in the project.
A significant update from XCN official website has caught Money and I’s attention. The announcement states that the community has nominated XCN for the Binance Next pool, with more details pending. As Money and I explains, a potential Binance listing could have dramatic implications for XCN’s price, citing the well-known “Binance effect” that typically results in significant price appreciation for newly listed tokens.
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Price Analysis and Market Performance
The content creator notes that XCN, already available on Coinbase, has experienced a 30% decline, pushing it below the $1 billion market cap. Money and I emphasizes the importance of profit-taking during upward trends, given the market’s unpredictable nature. The current price sits at $0.29, with potential support levels around $0.22.
In his analysis, Money and I maintains an optimistic outlook despite the current correction. He views the price pullback as a healthy market mechanism, necessary for sustainable growth. The YouTuber suggests that if the Binance listing materializes, XCN could see another significant price surge.
Read More: How Much Will 10,000 Onyxcoin (XCN) Be Worth at the Peak of the Bull Run?
Money and I concludes his analysis by reassuring viewers about XCN’s current market position. He views the ongoing correction as a natural part of the market cycle, potentially setting the stage for future growth, especially if the anticipated Binance listing comes to fruition.
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