CYBER trading volume is down 27% in 24H.

Bullish trend indicated by EMA, RSI at 71, facing $9.326 resistance.

Launched on August 15th, the new cryptocurrency, CyberConnect, is causing a stir with its remarkable surge. Although all coins received a boost from the Grayscale Bitcoin Trust (GBTC) victory over the SEC, they eventually retracted back into the red zone on the chart. However, CYBER, which surged from $3.5937 to $8.0475, is defying this trend and continues to ride high as it kick-starts its bullish rally. As of now, its price stands at $8.48, reflecting a 19% surge over the past 24 hours.

According to CoinMarketCap, it has taken the top spot in the trending chart due to its performance. The platform offers developers the opportunity to create social tools that prioritize user ownership of digital identities, content, and interactions. Notably, it reached a peak of $18 on August 15th, only to drop to $1.81 on the same day.

Amid this volatile start, the currency still needs to establish trust among investors. The trading volume has dipped by 27%, currently resting at $462 billion, while the market capitalization is surging by 17.19%, reaching $94 billion. The circulating supply stands at 11.08%, with 11 billion CYBER tokens in circulation.

Will CYBER Continue its Bullish Momentum?

An analysis of CYBER’s recent price movements reveals an ongoing bullish trend on the daily chart. The short-term 9-day exponential moving average (EMA) at $6.047 signals the prevailing bullish sentiment. The Relative Strength Index (RSI) hovers at 71, suggesting that the asset is overbought.

Analysts indicate that CYBER currently encounters resistance at $9.326, while finding support around $7.99. It’s worth noting that the current levels lack significant volume, making the sustainability of the rally challenging.

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Filed under: Bitcoin - @ August 31, 2023 1:25 pm