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CyberConnect (CYBER) price has been moving within a rising parallel channel since October, exhibiting a consolidative phase in line with the crypto market’s upward trend. However, the correction on January 8th tested the lower boundary of this channel, leading to a closer examination of possible future developments.
Bear Catalyst: Token Unlocking Event
CyberConnect will face a significant event on Sunday, January 14, with the unlocking of 1.26 million CYBER tokens worth $9.65 million. This token unlock, representing about 8.5% of the asset supply, offers a potential downside catalyst.
The unlocked tokens, allocated to the community treasury, ecosystem development, and public sale investors, could trigger profit-taking among investors, leading to selling pressure on the CYBER price. However, it is not certain that this event will definitively cause a price drop, as sometimes token unlocks can coincide with price increases.
Analyzing Bear Scenarios
In the context of crypto markets, token unlocks are often seen as bearish events because they increase selling pressure by introducing additional tokens into circulation. For CYBER, the bearish thesis suggests a potential 10% drop to $7.12 and continued downside risks towards the next support at $6.60.
The Relative Strength Index (RSI) is trending southward, indicating a potential loss of momentum. A continuing downward trajectory of the RSI, crossing below the signal line, would reinforce the bearish trend.
Bullish Expectations and Resistance Levels
While the potential for a bearish scenario is evident, a contrary bullish perspective anticipates a break above the channel and surpassing the psychological level at $9. If the bulls gain dominance, the CYBER price could target the $9 psychological level and potentially reach the highest level of $9.69 last observed on January 3rd.
For investors navigating the CYBER market, staying alert has become very important. Monitoring the token unlock event and its immediate aftermath can provide insights into short-term price movements. A drop below the support level of $7.60 could indicate increased selling pressure, potentially leading to a 10% decline.
Conversely, a resilient stance by the bulls could pave the way for a sustained upward trajectory. Surpassing the channel’s upper boundary would open paths for CYBER to reach the $9 psychological turning point and potentially reclaim the highest level of $9.69.
