- CyberConnect cryptocurrency debuted on August 15th, maintaining an upward trajectory.
- CoinMarketCap data shows CyberConnect topping the trending chart due to performance.
- Despite a 27% decrease in trading volume, market capitalization surged 17.19%.
The newly launched cryptocurrency, CyberConnect (CYBER), which debuted on August 15th, is making waves in the crypto market with its impressive rally. While all cryptocurrencies experienced a temporary uplift following the Grayscale Bitcoin Trust (GBTC) triumph over the SEC, they eventually slipped back into the red territory on the charts. In contrast, CYBER, which soared from $3.5937 to $8.0475, is bucking this trend and maintaining its upward trajectory, signaling the start of a bullish rally. Currently, it is trading at $8.48, marking a 19% increase in the last 24 hours.
CoinMarketCap data reveals that it has ascended to the pinnacle of the trending chart owing to its impressive performance. The platform allows developers to construct social tools that emphasize user control over digital identities, content, and interactions. It’s worth noting that it hit a high of $18 on August 15th, only to experience a sharp decline to $1.81 on the same day.
Despite the turbulent inception, the currency has yet to solidify investor confidence. There has been a 27% decrease in trading volume, currently at $462 billion. Conversely, the market capitalization has experienced a 17.19% surge, hitting the $94 billion mark. The circulating supply is at 11.08%, with 11 billion CYBER tokens currently in circulation.
Will CYBER maintain its upward trend?
A recent examination of CYBER’s price fluctuations indicates a persistent upward trend on the daily chart. The 9-day exponential moving average (EMA), currently at $6.047, underscores the dominant bullish outlook. The Relative Strength Index (RSI) is positioned at 71, implying that the asset is overbought.
Experts suggest that CYBER faces resistance at $9.326, with support levels hovering around $7.99. The existing levels are not backed by substantial trading volume, which could make it difficult to maintain the ongoing upward trend.
