The XCN cryptocurrency, formerly known as Onyx, has seen a 20x increase in price, reaching a market cap of over $1 billion. This has drawn significant attention from analysts, including The Block Bull.
XCN's Rise and Potential
With the rebranding from Onyx to Conexes by JP Morgan, interest in XCN has rapidly increased. Although JP Morgan publicly does not disclose their plans regarding XCN, the project has gained substantial support in private circles. The company's daily transaction processing volume is around $9.8 trillion, and assets exceed $200 trillion. It's believed that XCN might be part of a larger plan for real-world assets.
Price Assessments and Analysis
Analyst The Block Bull compares XCN's current surge with the dynamic of XRP in 2017. He predicts potential levels for XCN: $0.055, which could reach $5.61 if growth continues. According to The Block Bull, important levels to watch for further monitoring are $0.055 and a possible break of the $0.18 level with positive dynamics.
Future Expectations and Events
One of the key events in the future could be the purchase of 500 million XCN tokens by Justin Sun and HTX, which will be locked for two years, potentially preventing a rapid decline in market price. The Block Bull also predicts activity in the XCN market in April-May 2024, especially if the Federal Reserve cuts rates. If growth continues, a "cup and handle" pattern may appear, signaling further breakout.
XCN continues to attract attention from investors and analysts with its rapid growth and potential. Future events and strategies of major players are expected to determine the further dynamics of this cryptocurrency.
