In the bearish days of the market, some altcoins manage to stand out with positive performance. One of these coins is CYBER. The popular cryptocurrency was listed on the Binance exchange as of August 15th. However, it experienced a decline due to general market sell-offs and now the tide seems to be turning. How long will this upward trend last?
The CYBER token of the Web3 social network CyberConnect recently made one of the biggest leaps in a sideways market, with an increase of more than double the value. The trading volumes also increased accordingly. Within the last 24 hours, the token worth 225 million dollars changed hands on crypto exchanges, indicating an approximately 10-fold increase compared to the 30 million dollar volume on Monday.
However, investors may need to be cautious about CyberConnect. As the Asian-backed hype spreads to Turkey and other regions, the price is starting to cool down. Recently, similar projects like Friend.tech achieved gains of over 95% in a very short period. This reminds us that hype can quickly fade in bear markets, leading to massive losses in price.
CyberConnect enables developers to create applications on the blockchain for digital identity and content production.
The price has shown a 355% gain in the weekly candle. Cyber Coin, supported by the Binance exchange, started this upward movement on August 29th. The rise before the Grayscale decision led to even greater demand after the announcement of the decision. Investors likely took a look at the altcoin with the highest increase when the court decision was announced, leading to a surge in demand.
Subsequently, we saw that the price continued to rise with excessive demand from investors in Asian markets. Remember the PEPE Coin rise in early June. Abnormal price surges lasting a few weeks are observed in bear markets. PEPE Coin was an example that should be learned from. Now, CYBER Coin seems to be following the same path.
In the short term, the critical price levels are $10.68 and $8.6. If profit-taking starts, we may see a new low after the peak of $16.2.