Onyxcoin (XCN) price up 14% to $0.01945, but negative funding rate signals trouble

  • Key support level at $0.0182 remains at risk.
  • Negative funding rate indicates rising short bets.
  • The funding rate for XCN futures has recently turned negative, a signal that more traders are opening short positions.

Onyxcoin (XCN) is trading at $0.01945 at the time of writing, showing a 24-hour gain of 14%.

But this uptick has not been enough to revive investor confidence in the altcoin’s medium-term outlook.

The broader crypto market has seen some recovery, but XCN remains on a knife’s edge, struggling to hold above the key support level of $0.0182.

Source: CoinMarketCap

If this threshold is breached, the price could fall to $0.0150 — a two-week low that risks intensifying the current bearish sentiment.

The funding rate for XCN futures has recently turned negative, a signal that more traders are opening short positions.

This means that investors are betting on further price declines.

A negative funding rate typically reflects market pessimism, as shorts pay a fee to longs to maintain their positions.

With short contracts now dominating, XCN appears to be facing growing resistance from its own derivatives market.

Momentum indicators show outflows

On-chain metrics are adding to concerns. The Chaikin Money Flow (CMF) indicator, which tracks buying and selling pressure by comparing accumulation and distribution over time, remains in negative territory.

While the CMF has shown a minor upward slope, it has yet to cross the zero threshold that typically signals sustained inflows into the asset.

This is crucial because a persistently negative CMF suggests outflows are outweighing inflows, indicating that capital is leaving the XCN market.

Without consistent and strong buying activity, the token is unlikely to see a meaningful recovery.

At present, the altcoin continues to hover in a risk zone, with bearish pressure overpowering attempts at a bounceback.

Resistance stands at $0.0237

If XCN manages to stabilise at or above the $0.0182 support level, the next resistance to watch is $0.0237.

Crossing this level could reverse the current sentiment and invalidate the near-term bearish case.

However, any such reversal is unlikely without broader support from the market or a catalyst that can draw capital back into the project.

Given the weak momentum and technical signals, the burden lies on external market forces to lift XCN past this resistance.

Investor participation remains cautious, with many traders opting to wait for stronger confirmation of trend reversal before re-entering long positions.

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Cardano price prediction: are ADA bulls about to reclaim $1?

  • Cardano price rose 11% as the broader cryptocurrency market flipped bullish.
  • ADA rallied as Bitcoin broke above $94k and top alts jumped.
  • The technical picture suggests bulls could eye $1 in the short term.

Cardano (ADA) price is up as most altcoins gain amid a broader cryptocurrency market uptick.

ADA price has joined other top alts in riding a wave of bullish momentum, with its value climbing to above $0.70.

On Wednesday, April 23, Cardano’s price recorded an 11% surge. Volume rose more than 75% to over $1 billion.

The technical outlook is promising, and on-chain metrics point to growing confidence among investors.

With positive funding rates and increasing bullish bets, the question is whether ADA bulls can push the price back to the psychologically significant $1 mark.

On-chain data and ADA price outlook

On-chain data reveals a strong bullish bias for Cardano, driven by whale activity.

Whales have added to their ADA holdings significantly in the past month.

Major cohorts now hold over 12.67 billion, an accumulation spree that has come amid the latest price dip.

As whales capitalize on lower prices, boosting investor confidence, Cardano looks poised to explode.

Further supporting this optimism is Coinglass’s ADA long-to-short ratio, which stands at 1.06.

This is Cardano’s highest long-to-short ratio in over a month.

A ratio above one signals that more traders are betting on price increases, reflecting bullish market sentiment.

Funding rates also signal growing bullish momentum.

ADA’s funding rate flipped positive and now sits at 0.0096%, the highest since February 22.

In the market, positive funding rates, where longs pay shorts, typically indicate bullish sentiment as more traders anticipate price gains.

This contrasts with a negative rate, which would suggest bearish expectations.

The current positive rate, combined with rising open interest, underscores the growing confidence in ADA’s potential for a price recovery.

Can ADA break the $1 barrier?

From a technical perspective, Cardano’s price action is encouraging.

After finding support at $0.50 on April 7, ADA rallied 21% over the next two weeks. It now trades above the key level of $0.67.

If bulls maintain this momentum and break above $0.71, ADA could target the weekly resistance at $0.75, with $1 as the next major milestone.

The Relative Strength Index (RSI) at 56, trending above the neutral 50 level, further supports this bullish outlook.

Cardano price chart by TradingView

However, risks remain. A daily candlestick close below Monday’s low of $0.61 would invalidate the bullish thesis, potentially driving ADA back to the $0.50 support level.

The combination of whale accumulation, positive funding rates, and strong technicals suggests Cardano bulls are gearing up for a run at $1, but traders should remain vigilant for any signs of reversal.

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XRP price targets $3.00 as Trump’s Fed stance fuels crypto rally

  • Open interest jumps 20% to $3.89B in 24 hours.
  • RSI climbs to 58, signalling bullish momentum.
  • Risk remains if XRP loses $2.00 key support level.

Ripple’s XRP is gaining traction again, climbing steadily above the $2.00 mark after a volatile start to April. As of Wednesday, the token was trading at $2.26, buoyed by a renewed wave of risk appetite across crypto markets.

The upswing aligns with a broader shift in macroeconomic sentiment, driven in part by President Donald Trump’s softened stance on Federal Reserve Chair Jerome Powell and a fresh call for rate cuts.

The President’s pivot has sent ripples across asset classes, including Bitcoin, Ethereum, and Solana—bringing renewed optimism to the altcoin sector, with XRP front and centre.

Trump’s Fed policy pivot lifts risk sentiment

US President Donald Trump’s recent remarks—clarifying he has no intention of removing Fed Chair Jerome Powell—helped calm investor nerves.

Trump’s earlier criticism, which accused Powell of being slow to cut rates, had fuelled speculation of a shake-up at the central bank.

However, on Tuesday, Trump told reporters that the media had exaggerated his stance, stating, “Never did. The press runs away with things.”

Despite standing by his earlier concerns, Trump’s softened tone came alongside a renewed push for the Fed to lower interest rates.

That aligns with ongoing discussions around tariff negotiations, with the administration reportedly aiming for a temporary deal with China in the short term, followed by a comprehensive agreement within two years.

Markets responded positively. Bitcoin, Ethereum, and Solana posted intraday gains, reflecting the return of risk-on appetite. XRP also capitalised on the moment, continuing its uptrend and gaining technical strength near its short-term resistance levels.

XRP climbs above key moving averages

XRP’s price is holding firm around $2.22–$2.26, bolstered by support from both the 50-day and 100-day Exponential Moving Averages.

Source: CoinMarketCap

These indicators have acted as a confluence resistance zone, but XRP’s consistent testing of this level points to an attempt at a sustained breakout.

Momentum indicators are confirming the bullish bias. The Relative Strength Index (RSI) rose above 58 at the time of writing, heading towards overbought territory.

A continuation of this trend could allow XRP to challenge the descending trendline and make a run for the $3.00 psychological resistance.

Open interest and liquidations suggest trader confidence

XRP’s derivatives market data shows a clear tilt towards bullish positioning. According to Coinglass, open interest surged by over 20% in the past 24 hours to reach $3.89 billion.

That uptick confirms a renewed interest in the asset, with short positions liquidated to the tune of $8.46 million—vastly outpacing the $2.63 million in long liquidations.

The long-to-short ratio stood at 1.0243, indicating more traders are betting on continued upside.

Such a surge in leverage often raises the potential for short-term corrections. If profit-taking follows, XRP could revisit support levels. A confirmed close above the 50 and 100-day EMAs would be necessary to validate a longer-term breakout.

Caution if XRP slips below $2.00 support

If the bullish momentum stalls, XRP risks falling back toward its next key support level at $2.00. A break below this zone could invite further declines, potentially targeting the 200-day EMA around $0.96 and the $1.80 demand zone.

These levels remain crucial for maintaining XRP’s broader uptrend structure.

With macroeconomic sentiment shifting and Trump’s messaging turning less combative, XRP appears well-positioned to benefit from increased risk appetite in the short term.

However, confirmation through price action and technical closes above resistance will be essential before any sustainable push to $3.00.

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Tesla’s Bitcoin holdings top $1B again, but stock drops 41% in 2025

  • EV sales fell 13%, production down 16%, causing 20% segment decline.
  • Bitcoin holdings valued over $1 billion as BTC hits $93,000.
  • Tesla holds 11,509 BTC with no transactions this quarter.

Tesla has reaffirmed its strategic bet on Bitcoin despite disappointing quarterly earnings, a plunging stock price, and slowing electric vehicle sales.

As of March 31, 2025, the company holds 11,509 Bitcoin, currently valued at just over $1 billion after a 6% rise in the cryptocurrency’s price to $93,000.

This development comes at a time when Tesla is under pressure from shareholders following a 41% decline in its stock price this year and growing scrutiny around CEO Elon Musk’s political involvement.

Revenue down, deliveries slump

Tesla’s Q1 2025 revenue reached $19.34 billion, falling short of Wall Street’s projection of $21.37 billion.

The shortfall is largely tied to the company’s main business—electric vehicles—which saw a 13% drop in deliveries and a 16% dip in production.

This led to a 20% year-over-year decline in revenue from its core segment.

Tesla’s declining delivery numbers mirror broader industry challenges, but some of the headwinds are unique to the company.

Ongoing protests and concerns around Musk’s dual focus—spanning political appointments and social media commentary—have amplified investor unease.

Despite this, Tesla made no changes to its Bitcoin position during the quarter, signalling a clear intention to maintain it as a long-term asset.

Bitcoin strategy remains unchanged

Tesla’s current holding of 11,509 BTC was first acquired in February 2021, with about 75% of it sold off in July 2022.

The remainder has been left untouched.

At the end of 2024, this stash was worth approximately $1.076 billion. By the close of Q1 2025, Bitcoin’s 12% decline had reduced the value to around $951 million.

However, with Bitcoin prices rebounding to $93,000, the portfolio’s worth has climbed back above the $1 billion mark.

New rules introduced by the Financial Accounting Standards Board (FASB) require companies to mark their digital asset holdings to market value at the end of each quarter.

Under this regime, Tesla previously recorded a $600 million unrealised gain in Q4 2024 due to Bitcoin’s rally.

Tesla’s decision not to buy or sell any Bitcoin in Q1 2025 signals a “HODL” stance—mirroring the strategy of other corporate holders like Strategy and Metaplanet, which also treat Bitcoin as a hedge or strategic reserve.

Musk shifts from DOGE to Tesla

Elon Musk, whose support for Dogecoin (DOGE) has frequently made headlines, announced plans to scale back his involvement with the meme coin.

He said his time allocation would shift in May 2025 as DOGE operations become more self-sufficient.

This renewed focus on Tesla comes as analysts call for urgent strategic moves.

Dan Ives of Wedbush labelled the company’s situation a “code red,” suggesting that Tesla may need to rethink parts of its financial strategy, including how it handles its Bitcoin holdings, if current challenges continue.

Meanwhile, BeInCrypto forecasts that crypto markets will remain unstable until mid-May due to global economic uncertainty and trade pressures.

However, the broader outlook for digital assets, especially Bitcoin, is more bullish for the second half of the year.

Analysts expect a rebound driven by post-halving effects, institutional buying, and regulatory clarity in the US.

As Tesla navigates financial turbulence, its firm stance on Bitcoin indicates that the cryptocurrency is now more than just a side bet—it’s part of a calculated strategy.

Whether that strategy pays off in Q2 and beyond may depend as much on Musk’s leadership as on Bitcoin’s next move.

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Deepbook gains 75% in Sui-led rally: what’s fueling the surge?

  • Deepbook’s price has spiked 75% in the last 24 hours to lead top gainers across top cryptocurrencies.
  • The technical outlook suggests bullish momentum after a breakout above $0.21.
  • Growth in the Sui ecosystem as well as broader market sentiment may help DEEP price higher.

DEEP, the native token of DeepBook on Sui, has skyrocketed by 75% in the past 24 hours, riding the wave of a broader surge in Bitcoin and the Sui ecosystem.

As of this writing, the token is trading near $0.22, having hit a high of $0.23 after breaking through the key $0.21 resistance level. This explosive price action underscores growing investor confidence in DeepBook’s role as a foundational liquidity layer for Sui’s burgeoning DeFi ecosystem.

Why DeepBook’s price is soaring

Several factors are fueling the remarkable rally in DEEP.

First, DeepBook is solidifying its position as the backbone of Sui’s DeFi stack, providing a high-throughput, low-latency central limit order book (CLOB) for on-chain trading.

The recent v3.1 upgrade, announced on April 16, introduced permissionless pools, lower fees, and enhanced balance management, making the platform more accessible and cost-efficient for builders and traders alike. These upgrades have catalyzed increased user activity and trading volume on DeepBook.

Second, the overall growth of the Sui ecosystem is driving value accrual to DEEP. Sui’s total value locked (TVL) recently surpassed $2 billion, doubling from $1 billion in just three months, according to a January 2025 report.

As more liquidity flows into Sui, DeepBook captures a larger share of trading fees and governance influence, boosting the utility and demand for DEEP$DEEP.

Furthermore, integrations with prominent DeFi protocols like Cetus and Aftermath have funneled significant trading volume through DeepBook, further amplifying its impact.

DeepBook price outlook: What’s next?

As investors eye another layer 1 winner as did Solana, many are looking at the Sui ecosystem.

This shows through most metrics such as TVL, monthly decentralised exchange (DEX) volume and decentralised finance (DeFi) growth.

DEEP is emerging as a major attraction in this ecosystem. Its tier 1 exchange listings add to the buzz.

Deepbook price on CoinMarketCap

Looking ahead, the outlook for DEEP remains bullish, supported by both fundamental and technical factors.

The token’s ability to hold above key leveld signal strong buyer conviction. Meanwhile, the broader growth of Sui’s DeFi ecosystem provides a solid foundation for sustained momentum.

From a technical perspective, Deepbook price has managed a decisive reversal from its prior downtrend. With renewed buying interest signaling a shift in market structure, the breakout above $0.2 could provide the base bulls needed to go higher.

If DEEP can maintain its current trajectory, it could test the next resistance near $0.25 in the short term. However, traders should watch for potential volatility, as overbought conditions may lead to a temporary consolidation.

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