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- CYBER trading volume has decreased by 27% in the last 24 hours.
- A bullish trend is suggested by the EMA, with the RSI at 71, facing resistance at $9.326.
Introduced on August 15th, the new cryptocurrency, CyberConnect, is making headlines with its impressive rise. While all cryptocurrencies experienced a lift from the Grayscale Bitcoin Trust (GBTC) victory over the SEC, they ultimately fell back into the negative territory on the chart. In contrast, CYBER, which climbed from $3.5937 to $8.0475, is bucking this trend and continues to maintain its upward trajectory as it embarks on a bullish rally. Currently, its price is at $8.48, marking a 19% increase over the past 24 hours.
As reported by CoinMarketCap, it has secured the top position in the trending chart due to its performance. The platform enables developers to create social tools that emphasize user ownership of digital identities, content, and interactions. Notably, it peaked at $18 on August 15th, only to fall to $1.81 on the same day.
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Despite this tumultuous beginning, the currency still needs to gain trust among investors. The trading volume has fallen by 27%, currently at $462 billion, while the market capitalization has risen by 17.19%, reaching $94 billion. The circulating supply is at 11.08%, with 11 billion CYBER tokens available.
Will CYBER Maintain its Bullish Momentum?
An examination of CYBER’s recent price activity indicates a persistent bullish trend on the daily chart. The short-term 9-day exponential moving average (EMA) at $6.047 reflects the prevailing bullish sentiment. The Relative Strength Index (RSI) is at 71, indicating that the asset may be overbought.
CYBER 1D Price Chart, Source: CoinMarketCap
Analysts suggest that CYBER is currently facing resistance at $9.326, while support is found around $7.99. It is important to note that the current levels are characterized by low volume, which may complicate the sustainability of the rally.
