Web3 decentralized social network CyberConnect has reached an important milestone with the distribution of its wallet, CyberWallet, surpassing 900,000, according to an official announcement. This achievement underscores the increasing adoption of CyberWallet among traders in the ecosystem. It also potentially supports earnings for CYBER holders.
Growing Adoption of CYBER and Ecosystem Developments
CyberConnect announced a significant milestone for its wallet project in its latest update on February 5. Launched in August 2023, CyberWallet has continuously attracted attention by reaching 900,000 distributions. This increase in adoption indicates a growing interest in decentralized finance (DeFi) solutions provided by CyberConnect.
To further increase the adoption rate of CyberWallet, the project announced its integration with the Ethereum Layer-2 network Mantle. Known for its modular approach to scaling Ethereum, Mantle offers users low transaction fees and robust security measures. This integration is a step in line with CyberConnect’s vision to provide seamless and efficient DeFi services to its user base.
Analyzing CYBER Price Performance and Outlook
Despite recent setbacks, the CYBER price continues to show resilience, and indicators point to a potential uptrend in the near future. Last week saw a decline of about 5%, while the CYBER price experienced a modest retreat of 1.31% in the daily timeframe. However, technical indicators suggest a possible recovery supported by bullish developments in the ecosystem.
Chart analysis reveals that the CYBER price retreated from its highest level of $9,616 in 2024 to its lowest level of $6,152 within a week. It is currently trading within a range bounded by the 50% Fibonacci retracement level and the $6,657 support level. The appearance of green bars in the Awesome Oscillator indicates increasing bullish momentum, while the Relative Strength Index (RSI) is approaching the neutral 50 level.
Which Levels Are Targeted?
Looking ahead, the CYBER price is preparing to target the $7,884 level, potentially indicating a significant rally. However, resistance at the 50% Fib retracement level could pose a challenge for upward movement.
A decisive daily candlestick close below the $6,657 support level could invalidate the bullish thesis and signal a corrective phase for the web3 token. In such a scenario, the CYBER price could retreat to its lowest level of $6,152, seen on January 8.
In conclusion, CyberConnect’s success with CyberWallet and the evolving CYBER price dynamics highlight ongoing developments in the DeFi space. With continuous innovation and integration of Layer-2 solutions like Mantle, CyberConnect aims to solidify its leading position in the decentralized finance ecosystem.
