These days, when the market is in a downward trend, some altcoins are managing to stand out with positive performance. One of these coins is CYBER. The popular cryptocurrency was listed on the Binance exchange as of August 15. But the overall market suffered a downturn due to the sell-off, and now the situation seems to be turning around. How long will this upward trend last?
The CYBER token of the web3 social network CyberConnect has recently achieved one of the biggest leaps in the subsidiary Sunday with more than a doubling in value. Accordingly, transaction volumes also increased. In the last 24 hours, the token, worth $ 225 million, has changed hands on crypto exchanges, an increase of about 10 times compared to Monday's volume of $ 30 million.
However, investors may need to be careful about CyberConnect. As the Asian-backed excitement spreads to Turkey and other regions, the price is also starting to cool. Recently a Friend.similar projects such as tech have achieved gains of over 95% in a very short time. This reminds us that in bear markets, excitement can quickly fade out and lead to big losses in prices.
CyberConnect allows developers to create applications on the blockchain for digital identity and content production.
CYBER Coin Price Analysis
The price showed a 355% increase in the weekly candle. Cyber Coin, supported by the Binance exchange, started this bullish movement on August 29. The increase experienced before the Grayscale decision led to a further increase in demand after the announcement of the decision. Investors probably looked at the altcoin, which showed the highest increase when the court decision was announced, which led to an increase in demand.
Then we saw that the price continued to rise due to excessive demand from investors in Asian markets. Remember the rise of PEPE Coin at the beginning of June. Bear markets observe abnormal price increases that last for several weeks. PEPE Coin was an example that needed to be learned. Now it seems that CYBER Coin is following the same path.
In the short term, the critical price levels are $ 10.68 and $ 8.6. If profit-taking begins, we may see a new bottom after the peak of $ 16.2. #bitcoin #Binance $CYBER
