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The price of Onyx Coin is trying to stabilize after one of its steepest corrections in months. XCN fell nearly 60% between January 6 and January 31, after a massive 216% rally in late December and early January. Since then, the price has been trading in a falling wedge on the 12-hour chart, a pattern that usually indicates weak selling pressure.
Meanwhile, the participation of the retail sector has slowed sharply, suggesting that many traders remain cautious after the sharp decline. Despite this hesitation, the top picks are moving in the opposite direction, indicating a growing divergence between the smart money and broader market sentiment.
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The retail sector focused on negative signals as purchasing activity slows down
On a 12-hour chart, XCN continues trading Within a falling wedge after the 60% retracement. While this structure is technically bullish, it is now potentially challenged by a bearish crossover between the 50- and 100-period Exponential Moving Averages (EMA). If confirmed, this cross will indicate increasing pressure and will weaken short-term recovery prospects.
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This technical risk seems to influence retail behavior. Exchange flow data show that buying activity has calmed down significantly. At the beginning of January, daily exchange flows reached close to 1.51 billion XCN, reflecting a strong accumulation. By early February, outflows had fallen to around 13.16 million XCN, representing a drop of more than 99%.
Lower flows mean fewer coins being withdrawn from exchanges for long-term holding. This usually indicates low confidence and weak buying demand through the lower dive. In practice, retail traders choose caution over accumulation, as bearish signals accumulate on higher timeframes.
This slowdown in participation helps explain why the price is struggling to get a strong following despite remaining in a bullish pattern. But it seems something is changing fast!
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Whales swarm aggressively while reducing cost base areas that limit damage
As the interest of the trade decreased, the big owners began to accumulate more aggressively. During the last twenty-four hours, Whale portfolios in XCN have increased Its shares went from about XCN 42.5 billion to about XCN 52.19 billion. This represents an addition of approximately 10 billion tokens (9.7 billion to be precise).
At current prices, this accumulation is worth about $55 million, highlighting the strong conviction of the big players.
This sudden buying behavior seems to be associated with positive cost base areas. Data on the chain shows a large order group between $0.0052 and $0.0053, which represents more than 5.2 billion XCN. This area acts as a strong structural support, limiting downside risks even if the price weakens further.
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On the plus side, the main supply pool is between $0.0060 and $0.0061, and contains about 4.9 billion XCN. If the price breaks this zone, driven by whale buying, it could lead to forced covering and new momentum.
The whales can be positioned first near the support, betting that the negative risks are limited while the upside potential remains high if the resistance is crossed. The charts show why the uptrend rally may not be as strong as it seems.
The subtle variation in opal coin price explains why the whales were stationed earlier
The most important signal supporting the whale’s optimism appears in the lower time frame, which the tick seems to have missed so far.
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On the four o’clock frame, fig XCN price Bullish divergence between January 21st and February 3rd. During this period, the price made a lower low, while the Relative Strength Index (RSI), a momentum indicator, formed a higher low. This pattern often indicates a decrease in selling pressure and the first rebounds in a shorter period of time
Meanwhile, the price is approaching the 20-period Exponential Moving Average (EMA) in the four-hour frame. This level has been a major catalyst in the past. On January 28, a full restoration of this cash rate led to a rally of 18% in a few days.
A similar setup is now developed, but with a more domino-like angle of layers.
If the XCN price can manage a sustained 4-hour close above $0.0057, which is in line with the pure rate and short-term resistance, the moment could accelerate. The next target will be near $0.0061. A break above this area would remove the main supply pool (discussed earlier) and open the door towards $0.0070 and possibly $0.0076 in a rally of ease.
This class structure explains the behavior of whales. They are approaching strong support, ahead of a potential driven divergence, while the retail sector remains focused on higher-term risks. The structure becomes bearish only if the price of Onyx Coin closes below $0.0052 during the four-hour period.
