CyberConnect Loses Momentum Within Hours of Experiencing 18% Pump
After briefly soaring by 18% in the last 24 hours, CyberConnect has taken a corrective path. The latest chart shows that the price is down by 12%. But can it move up again, and the momentum be retained?
Key Points:
- CyberConnect experienced a brief 18% price increase before losing momentum.
- The token went live on CEX and DEX on August 15th, leading to a surge in price.
- CyberConnect has now retracted and entered a consolidation phase.
- The token’s current predicament puts it in a bearish zone.
- The token’s price may increase once social media dApps start dropping.
What is CyberConnect?
CyberConnect is a Web3 social network that allows developers to create decentralized social applications. These applications enable users to utilize their digital identity, data, content, and interactions. The project has gained traction with the introduction of CyberConnect V3, which brings stability to the Web 3 social dApps created in the ecosystem. The ecosystem includes components such as CyberAccount, Cybergraph, and CyberNetwork to facilitate robust social media apps on a decentralized domain.
CyberConnect Price Analysis
Hourly charts show that the token has moved below its 7-day average, acting as resistance. The token’s RSI is 50, indicating a lukewarm reaction from the community. The initial surge in price was driven more by its listing on Binance than its utility. However, as social media dApps start dropping, CyberConnect’s price may increase. Presales of crypto assets like CyberConnect are considered better investment options for the risk-averse.
CyberConnect Alternative – Wall Street Memes
Wall Street Memes has generated buzz in the market with its focus on memes and honest appeal. It has garnered a large following and attracted attention from Elon Musk. The project has generated over $25 million in its presale and presents a good opportunity for early movers to invest.
Hot Take:
CyberConnect’s recent price correction raises questions about its momentum and future prospects. While the token’s utility and Web3 appeal are commendable, the bearish zone it currently finds itself in may deter potential investors. Considering alternative options like Wall Street Memes might be a prudent move for those seeking investment opportunities with potential for growth.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.