Onyxcoin’s 2,656% rally forms a key pattern—What’s next?

• XCN has surged 2,656% since late December and is now consolidating within a descending triangle.
• Examining Bybit’s XCN Futures Open Interest data showed a steady rise in outstanding derivative contracts

Onyxcoin [XCN] has captured the attention of crypto investors with an astonishing 2,656% surge since late December.

Analysis from AMBcrypto reveals a descending triangle formation on XCN’s price chart, often signaling a major move ahead.

This pattern, characterized by lower highs converging towards a horizontal support level, suggests an impending breakout.

Currently breaking above the resistance line, XCN is poised for a potential surge.

Source: Coinglass

The Exponential Moving Averages (EMAs) at 9 and 26 periods have begun converging.

A bullish EMA crossover within the triangle can indicate rising momentum, hinting at an upcoming surge if resistance is breached.

If the price pushes past the upper boundary, $XCN could see another significant rally.

Growing market interest signals…

Examining Bybit’s XCN Futures Open Interest (OI) data shows a steady rise in outstanding derivative contracts, particularly following the recent price surge.

Source: CoinGlass

Open Interest, which tracks the number of unsettled futures contracts, tends to increase when traders anticipate a major price movement.

This sustained interest suggests that market participants are actively positioning for XCN’s next breakout.

This reinforces the bullish sentiment.

Trader sentiment hints at…

The Aggregated Futures Bid & Ask Delta shows a balanced market sentiment, with periodic buying pressure spikes indicating accumulation and bullish intent.

The current 524.47K positive delta suggests buy orders slightly outweigh sell orders, reflecting mild optimism among traders. However, with 520.511M in OI, traders remain engaged, suggesting a consolidation phase.

If buying pressure continues to rise while the price stabilizes, it could signal a potential breakout.

 Is OnyxCoin poised for another surge?

XCN seems poised for a decisive move based on technical indicators and market sentiment. If the price breaks above the descending triangle’s resistance, bullish momentum could drive a strong uptrend.

With a compelling technical setup and increasing market interest, XCN is a key asset to watch. The descending triangle pattern, rising OI, and periodic buying pressure surges suggest the next move could be significant.

Whether XCN continues its upward trajectory or faces resistance, closely monitoring these key indicators will be essential for navigating its next phase.