Onyxcoin (XCN) has surged by 20% this week, attracting the interest of institutional investors due to its double-digit rally. The increase in the altcoin's price has been accompanied by a rise in accumulation by large investors, known as "smart money," indicating growing optimism about its short-term price growth.

The rise in institutional confidence in XCN is evident through the climbing Smart Money Index (SMI), currently standing at 0.91 as the token's price has surged in the past week. The SMI tracks the trading activities of institutional investors, analyzing intraday price movements to determine their sentiment. When the SMI increases along with the asset's price, it signifies that major investors are accumulating positions, reflecting a positive outlook for the token's price.

Additionally, the Moving Average Convergence Divergence (MACD) indicator for XCN supports this bullish outlook, with the MACD line above the signal line. This crossover is seen as a bullish sign, indicating strengthening upward momentum and potential for further price gains.

On the daily chart, XCN is comfortably positioned above its 20-day exponential moving average (EMA), acting as dynamic support at $0.017. This EMA reflects the average price of the asset over the past 20 trading days, with the current position suggesting market control by the bulls. If this trend continues, XCN could surpass resistance at $0.023 and move towards $0.028. Breaking above this level could lead to a reclamation of $0.033.

However, if profit-taking increases, the bullish projection may be invalidated, causing XCN's value to drop below the 20-day EMA at $0.017 and potentially fall to $0.0075.