The token fell from $0.01421 to $0.01319 during Wednesdayโs Asian evening session. The 10.98% plunge came without any clear news catalyst, suggesting a reaction to broader crypto market weakness and a technical retest of key support.
According to CoinMarketCap data, Onyxcoin (XCN) saw a volatile 10.98% correction during Wednesdayโs Asian trading session, plummeting from its daily high of $0.01421 to a swing low of $0.01319 within hours.
As of press time, Onyxcoin had recovered slightly to trade at $0.01339, with the partial rebound coinciding with Bitcoinโs bounce above $104,000. XCN now faces immediate resistance at the $0.01380 breakdown point, while sustained buying pressure could see a retest of the $0.014 psychological level.
Why XCN price plunged
Several key factors help explain Wednesdayโs tumble. Over the past week, XCNโs 24-hour trading volume has fluctuated between $24 million and $27 million, relatively modest compared to mid-cap peers, but still liquid enough for small order imbalances to cause sharp swings.
That backdrop means even modest order imbalances, whether profitโtaking by insiders or stops activated by bots, can trigger outsized moves. Despite the absence of any negative news, the broader altcoin sector has been under pressure as Bitcoinโs recent indecision and macro uncertainty weigh on sentiment.
In XCNโs case, the $0.01330โ$0.01340 range acted as a short-term support zone. The token stabilized around $0.01339 in early U.S. hours as buyers stepped in to absorb recent liquidations.
Beyond market structure and sentiment, Onyxcoinโs fundamentals may also be contributing to fragility. The projectโs ambitious shift toward Layer-3 infrastructure is now facing its first serious stress test, as the token struggles to hold critical support levels.
With less than two weeks remaining before crucial DAO votes conclude, traders are closely watching for updates. Draft proposals reviewed by crypto.news suggest a potential doubling of staking rewardsโa move that could either provide short-term price support or trigger another wave of profit-taking.
For now, Onyxcoin remains caught between its long-term technical promise and the marketโs short-term realities, a precarious position thatโs become increasingly common for altcoins navigating 2025โs unpredictable crypto landscape.
