Onyxcoin (XCN): $0.1 Breakout Possible Amid Fluctuating Price Action?

Onyxcoin (XCN) jumped 56% on Friday after digital asset exchange giant Binance announced it would launch a futures contract for the token.

The price movement came shortly after trading volume rose sharply across exchanges.

There is speculation on whether this rally will continue as a negative price swing may occur.

However, seeing as it lost nearly 10% over the last 24 hours, it may go a different way.

The Binance Perp Listing for Onyxcoin: Details

Binance has confirmed the listing of a new USDⓈ-Margined XCNUSDT Perpetual Contract for Onyxcoin (XCN).

The listing was scheduled to go live at 15:30 UTC on April 11. The new contract will allow traders to use USDT to trade XCN with leverage up to 25x.

According to Binance, the contract will settle funding fees every four hours, and the rate will be capped at plus or minus 2%.

In addition, Multi-Assets Mode will also be included in the update.

This suggests traders can use other crypto assets, such as Bitcoin, to open or maintain positions.

It is important to note that this listing is limited to the futures market. XCN is still not available on Binance’s spot trading platform.

Meanwhile, the announcement came after Onyxcoin started gaining traction earlier in the week.

Daily trading volume jumped from about $25 million to over $600 million, with most of that activity taking place on Coinbase

The timing suggests that Binance may have made the move in response to this spike, not vice versa.

Still, the listing did not cause prices to rise in the following hours.

Some traders may have already priced in the news or used the announcement as a moment to sell.

Either way, the initial move came before the Binance listing was made public.

What is Onyxcoin and Key Market Relevance

Onyxcoin is the native token of the Onyxchain blockchain, a modular infrastructure project built to support scalable and multi-asset digital ecosystems.

The token has been around for a few years but stayed under the radar through most of 2023 and 2024.

In early 2025, XCN experienced a sharp rise, moving from $0.0025 to $0.03 in just over a week.

Reports revealed that the increase drew the attention of several market leaders, including Tron founder Justin Sun.

However, Justin Sun later publicly raised concerns about potential price manipulation.

His remarks, later deleted, cited high-leverage activity and urged exchanges to monitor the situation.

Although XCN has real uses within the Onyxchain network, such as payments and staking, the recent focus has been on its trading activity.

XCN Price Breakout: Where is the Top?

As of writing, data from CoinMarketCap shows that XCN price was trading at $0.02035, down by 9.49% in 24 hours.

That said, just a day earlier, the coin was at $0.02389, noting 56.57% 24-hour growth, raising speculations of a continued rally thereon.

This surge surpassed the gains recorded in 2024, prompting some observers to lean toward a more bullish outlook for the token.

At the time of writing, the trading volume noted a minor decline of 0.20% in the last 24 hours.

Based on its precedents, the current momentum could take XCN closer to $0.1 in the short term, despite facing resistance.

Meanwhile, whether it breaks past this point will depend on how traders respond to the new Binance futures contract.

Ultimately, some market participants believe the price could increase if demand holds.

Others think the current rally might lose steam, especially since the reaction to the post-listing price was flat. The surge in volume remains a factor to watch.

With the futures market in play, the next few days should clarify where things are headed for XCN.