The price of Onix Coin has shown the most robust movement this month, but recent trends indicate a more complex picture. XCN has risen approximately 97% over the past 7 days, but behind this striking increase, there was a sharp round of profit-taking. Since January 6th, the token reached a temporary high of $0.0130 before dropping about 36%.
This correction has not disrupted the pattern. On the contrary, XCN price has rebounded by over 4% on a daily basis, supported by large holders buying, while selling pressure has weakened, shifting into a consolidation phase within a bullish flag. The focus now lies on whether XCN can achieve the explosive breakout it has been seeking for some time.
Bullish flag maintained, important signs emerging
On the daily chart, Oникс Coin is forming consolidation within a classic bullish flag pattern. A bullish flag is a pattern that follows a sharp rally, then a gradual decline, cooling off price overheating without breaking the overall trend. XCN is currently trading near the upper boundary of this flag, suggesting increasing buying pressure.
If $0.0095, a key resistance level, is broken, a breakout with a potential 218% gain could be triggered, calculated from the flag pole's height.
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You can also grasp the situation from the moving averages. The Exponential Moving Average (EMA) places more weight on recent prices, helping to identify turning points in short-term trends. The 20-day EMA of Oникс Coin is rising and approaching the 100-day EMA. If this momentum continues, it could signal a bullish Golden Cross.
The 200-day EMA is particularly important. At the beginning of last December, XCN surged sharply after reclaiming this long-term trendline. The price is currently trading near this level. A clear breakout above the 200-day EMA would strengthen the scenario of an upward breakout from the flag pattern and reaffirm buyer dominance.
Despite the sharp 36% drop starting January 6, the bullish pattern remains intact. This is more likely seen as consolidation rather than rejection.
Whales increasing their purchases, selling pressure decreasing
On-chain data also supports a bullish setup.
After the XCN price adjustment on January 6, whales began accumulating. The large Oникс Coin wallets have increased their total holdings from approximately 42.2 billion XCN to 42.5 billion XCN. This means nearly 290 million XCN were newly accumulated during the adjustment phase.
At the current rate, this represents about $2.6 million in buying pressure. Even more noteworthy is that accumulation began simultaneously with the price decline—indicating that whales are buying on dips rather than selling at peaks.
Exchange data reinforces this view. Inflow to exchanges (the number of tokens deposited with strong selling intent) peaked on January 6, coinciding with the price drop. Since then, inflows have plummeted from about 1.53 billion XCN to roughly 51 million XCN—a decrease of nearly 97%.
This sharp drop indicates exhaustion of selling pressure. The amount of coins moving to exchanges has decreased, while off-market supply has increased. Combined with whale accumulation, we are now entering a supply-constrained environment, making continued upward movement more likely than downward pressure.
Key price zone for determining the breakout of Oникс Coin
The first key price level to watch for Oникс Coin is $0.0090, which is nearly aligned with the 200-day EMA. Maintaining this level will sustain the bullish structure and increase the likelihood of a breakout.
The main trigger zone is around $0.0095. If the daily close breaks above this level, the breakout above the flag's upper boundary will be confirmed. In that case, retesting $0.0130—the recent local high and the first major resistance level—will be in play.
As a support level, $0.0083 is crucial. Breaking below this level would likely cause the flag pattern to collapse and undermine the effectiveness of consolidation. Below that, $0.0069 becomes even more significant. Sustained breaks below this level would completely negate the bullish scenario.
Currently, Oникс Coin remains in a balanced state. XCN's price is trading within a range, with whales actively accumulating while selling pressure has significantly receded. Whether this leads to explosive upward movement depends on how Oникс Coin performs near the flag's resistance or near the long-term moving average.