Market
Onyxcoin (XCN) Price Signals a Potential Rebound After 45% Drop

Onyxcoin (XCN) is down over 45% in the last 30 days, following a historic surge at the end of January. After being one of the most trending altcoins earlier this year, XCN is now showing signs of cooling off.
Both momentum and trend indicators point to weakening bearish pressure, suggesting that a shift could be forming. Here’s a look at the technical outlook and what could come next for Onyxcoin.
XCN RSI Has Been Neutral For One Week
Onyxcoin’s RSI is currently at 41.7, down from a peak of 55.6 three days ago.
The RSI has remained in a neutral zone for the past week, fluctuating between 41 and 55, without showing a strong bullish or bearish trend.

The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements, ranging from 0 to 100.
Readings above 70 typically indicate overbought conditions, while readings below 30 suggest oversold conditions. With XCN’s RSI now at 41.7, it suggests mild bearish pressure but not enough to confirm an oversold market.
This could indicate that XCN is in a consolidation phase, and traders may be waiting for a stronger directional signal before committing to a trend.
Onyxcoin ADX Shows The Current Downtrend Is Fading Away
Onyxcoin’s ADX is currently at 8.33, dropping from 14.7 just two days ago.
This sharp decline signals a further weakening of trend strength as the token remains in a downtrend but with reduced momentum behind the move.

The Average Directional Index (ADX) measures the strength of a trend, regardless of its direction. Values above 25 indicate a strong trend, and values below 20 point to a weak or non-trending market.
With XCN’s ADX now at 8.33, this suggests that the ongoing downtrend is losing steam. The price could remain range-bound or experience smaller movements until momentum returns.
Without a pickup in ADX, traders may see continued sideways or choppy price action in the short term.
Will Onyxcoin Reclaim $0.020 In March?
Despite being one of the most trending altcoins in 2025, Onyxcoin price has corrected by 42% over the past 30 days.
If this downtrend continues, XCN could retest the key support at $0.01. A breakdown below this level would mark the first time the token has fallen below $0.01 since January 17, before its major surge earlier this year.

However, as indicated by the weakening ADX, the current downtrend is losing strength, potentially opening the door for a rebound.
If Onyxcoin regains momentum, it could challenge the resistance at $0.0149, and a breakout could push the price toward $0.017. Should Onyxcoin recover its strong bullish trend from late January, it could rise as high as $0.022, breaking above $0.02 for the first time since March 3.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Nigeria Turns to Crypto to Combat Inflation and Naira Devaluation

Nigeria recently faced one of the most severe economic crises. Inflation surged to record highs towards the end of 2024. Despite some level of easing, citizens still endure inflationary pressures.
Meanwhile, the Nigerian government is accelerating efforts to regulate cryptocurrency transactions. Prospects are that interventions could boost revenue for the country.
Nigeria Faces Inflationary Pressures
Nigeria, Africa’s most populous nation and largest economy, has long struggled with economic instability. Sources indicate its annual inflation rate soared to 24.48% in January 2025 before dropping to 23.18% in February.
The 1.3% decline suggests the government’s monetary tightening measures may be starting to take effect. However, the country’s naira currency has devalued significantly. It lost 230% of its value against the US dollar over the past year.
“The drop in the inflation rate is mainly due to the rebase of the Consumer Price Index (CPI), not an actual reduction in price levels or inflationary pressure,” highlighted one citizen.
It comes as the country’s import-dependent economy is highly vulnerable to external shocks. Against this backdrop, President Bola Tinubu’s administration implemented bold economic reforms to stabilize the economy.
Among them are the removal of decade-long fuel subsidies and the unification of the country’s multiple exchange rates. However, these measures triggered unintended consequences, such as skyrocketing fuel prices and a severe cost-of-living crisis.
The effects of inflation are particularly devastating in conflict-ridden regions where communities rely on subsistence farming for food.
Crypto as a Hedge With New Regulations on the Horizon
Amid the economic uncertainty, many Nigerians have turned to crypto as a hedge against inflation and currency depreciation. Blockchain analytics firm Chainalysis revealed that between July 2023 and June 2024, Nigerians traded approximately $59 billion in crypto assets.

This surge in crypto adoption reflects a growing distrust in the traditional financial system. It also suggests a desire for more stable and accessible financial alternatives.
Nigerian authorities are finalizing new regulations in response to the rise in crypto adoption. They want to integrate digital asset transactions into the formal economy.
The Nigerian SEC (Securities and Exchange Commission) is drafting policies to ensure all eligible transactions on regulated exchanges are incorporated into the country’s tax network.
A proposed bill outlining taxation policies for crypto transactions and other digital assets is under legislative review. The general sentiment is that it will pass within the first quarter (Q1) of 2025.
Meanwhile, the Central Bank of Nigeria (CBN) is stabilizing the currency and restoring investor confidence. Governor Olayemi Cardoso announced that the bank had cleared $2.5 billion of the foreign exchange backlog, with another $2.2 billion expected to be resolved soon.
Nigeria’s President Tinubu has also ordered the release of food reserves and establishing a commodity board to curb hoarding and stabilize prices.
While Nigeria’s economic crisis leaves millions struggling, the government’s intervention efforts involving crypto taxes and signs of easing inflation suggest a potential turnaround. However, much depends on how effectively authorities implement their policies and whether global economic conditions remain favorable.
At the same time, the country’s cryptocurrency adoption presents both opportunities and challenges. If regulated properly, digital assets could provide Nigerians with financial alternatives that help them navigate economic instability.
Notwithstanding, striking a balance between innovation and regulation will ensure that crypto remains a viable solution rather than a source of new financial risks.
“Currently, Nigeria needs massive investment in both formal and professional education; this is essential to increase our skilled labor force and be competent in today’s global digital economy.Special attention should be paid to areas in Blockchain, Digital Assets, Web3,” one user shared on X.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
BNB Price Finds Footing After Clearing $605 Resistance Toward Higher Targets

BNB has once again demonstrated its resilience and strength by breaking through the crucial $605 resistance level. This milestone, achieved after weeks of testing and consolidation, has sparked renewed interest among traders and investors. Following the breakout, BNB has entered a phase of price stabilization, comfortably holding above the $605 mark and transforming it into a robust support zone.
This consolidation phase is a classic sign of a healthy market, as it allows the asset to catch its breath after a significant upward move. It also suggests that the breakout was backed by genuine buying pressure rather than short-term speculation. With the $605 level now acting as a springboard, the stage is set for BNB to target higher price levels in the coming days or weeks.
BNB Price Action: Stability Above $605 Signals Strength
BNB’s ability to hold above the $605 resistance level after breaking through reflects growing bullish momentum. Its stability indicates that buyers are defending the breakout level, reinforcing its significance as a new support zone. Sustained trading above this level could pave the way for further gains toward targets near $630 and $650.
Technical indicators reinforce the strength of BNB’s breakout, signaling that bullish momentum remains intact. The MACD continues to trend in positive territory, with the MACD line staying above the signal line. This positioning suggests that buying pressure remains dominant, and the possibility of further gains remains strong. Additionally, the histogram bars are expanding, reflecting increasing bullish momentum.
Furthermore, the 100-day Simple Moving Average (SMA) acts as dynamic support, with BNB trading above it, which implies that the broader trend remains bullish, and any dips toward this level could present buying opportunities.
If BNB maintains its momentum, it could target $680, strengthening its bullish outlook. A breakout above the level may attract more buyers, increasing the chances of a sustained rally. Presently, the $680 serves as a key resistance, and clearing it with strong volume is likely to spark a move to $724 in the medium term.
Support Zones To Watch In Case Of A Pullback
If BNB experiences a pullback, the $605 level will be the first key support to watch, as it has flipped from resistance to support. Holding this level could reinforce bullish momentum and signal that buyers are defending the breakout.
However, if selling pressure increases and $605 fails to hold, the $531 demand zone comes into play, which has historically provided strong support. A rebound from this level would indicate buyer strength, but a break below will expose BNB to more downside before another bullish attempt. An extended correction could bring $500 into focus, which aligns with the 100-day SMA and has previously served as a significant pivot point for price rebounds.
Market
ZachXBT Warns of Rising North Korean Influence in Crypto

ZachXBT, a notorious sleuth in the crypto industry, has identified an “eye-opening” level of North Korean participation in the space. He claims that several decentralized protocols owe nearly all their trade volume to the DPRK.
ZachXBT discovered this network while trying to freeze transactions from the recent Bybit hack. He worries that the industry may not be capable of solving the problem, inviting anti-crypto regulations.
Extreme Level of North Korean Money Laundering Through Crypto
ZachXBT recently identified the North Korean Lazarus Group as the perpetrators of the Bybit hack. Although the group successfully laundered the stolen money, ZachXBT has persisted in trying to freeze assets and described an “eye-opening” network of North Korean activity in the DeFi space.
“Several ‘decentralized’ protocols have recently had nearly 100% of their monthly volume/fees from the DPRK. Centralized exchanges end up being worse, as when illicit funds flow through them, a few take multiple hours to respond when it only takes minutes to launder,” ZachXBT claimed via Telegram.
ZachXBT has pursued North Korean hacker activities on many occasions, and previously criticized Circle for its slow response in preventing money laundering.
The Bybit hack, the largest heist in crypto history, has highlighted the epidemic nature of the problem. THORChain and OKX were both criticized for facilitating Lazarus’ Bybit laundering.
Other data suggests that ZachXBT’s concerns about North Korean crypto networks are well-founded. Recent data from Arkham Intelligence suggests that North Korea is now the third-largest national crypto holder, behind the US and UK.

Although on-chain analysis can prove that North Korea has these assets, it’s practically impossible to speculate what exactly the country is doing with them.
The nation has been growing closer to Russia, which openly advocates for using crypto to evade sanctions. However, experts have only been able to speculate what North Korea is buying.
ZachXBT worries that North Korea has exposed how broken the crypto space is. He called KYT “completely flawed and easily evadable,” and said KYC is “just a honeypot for regular users” due to breaches and “useless in the majority of cases.”
Overall, it’s clear that North Korea is deeply embedded in the crypto space. Given the country’s reputation, it’s likely that these large proceeds from the crypto industry directly fund its military.
“This industry is unbelievably cooked when it comes to exploits/hacks. Sadly, I don’t know if the industry is going to fix this itself unless the government forcibly passes regulations that hurt our entire industry,” ZachXBT added.
Hopefully, the crypto community can find its own solutions and avoid harmful regulation and inevitable government overreach.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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