Onyxcoin (XCN) has shot up a massive 30% in the past day following the debut of Layer 3 blockchain the XCN Ledger.
The Ledger uses XCN tokens as the native gas token with EIP-1559 integration, contributing to token burns.
The MACD indicator on the daily chart confirmed a bearish divergence for the XCN price action.
Onyxcoin , the native token of the Web3 interoperability project Onyx Protocol, has shot up a staggering 30% in the past day, rebounding from the low price of $0.019 as the broader crypto market also recovered from the massive sell-off seen on Monday. At the time of writing, the altcoin trades at $0.03141, printing around 2,300% in gains in the past year, CoinMarketCap .
A major reason behind this rally could be the debut of Onyx Protocol’s new Layer 3 blockchain network, the XCN ledger. As per a published a few hours ago, the network is “designed for financial-grade applications while offering near-instant confirmations and low fees”. Interestingly, Layer 3 blockchains are built on what Layer 1 and Layer 2 networks have achieved over the years.
The XCN Ledger also provides additional utility to Onyxcoin. The Layer 3 blockchain uses the XCN token as the native gas token with EIP-1559 integration, providing “a predictable fee structure and deflationary burn with every transaction”. This allows the reduction in the supply of XCN over time, promoting an increase in value as the Web3 infrastructure protocol grows.
The Ledger is built atop of Arbitrum Orbit for “scalability and execution” and uses the Base blockchain as its “economic and settlement layer”. The developers also confirmed that they will soon debut “a non-custodial, gas-free wallet” designed for its users.
Onyxcoin (XCN) Price Analysis
It is clear that XCN now eyes $0.04, a price level not seen in the past three years. While the cryptocurrency is still down 83.02% from its all-time high of $0.1841 seen in 2022, Onyxcoin has already skyrocketed 1109.51% in the last 30 days alone. The altcoin is hovering around its resistance at $0.038, and a breakout above this level could push XCN towards $0.049, a 3-year high last visited in January.
Photo: TradingView
The Relative Strength Index (RSI) for XCN reads a value of 65.67, which means that the bulls are currently in control of the digital asset’s price action. The gradient of the line, however, suggests a slight decline in the buyers’ demand.
Photo: TradingView