- CyberConnect unlocks 11.42% of its supply, valued at $6.22 million, aiming to boost liquidity and attract investors.
- CYBER/USD faces bearish pressure as bulls retrace after facing resistance, pushing prices down to $4.88.
- Bollinger bands and stochastic RSI suggest potential positive turnaround opportunities.
CyberConnect has announced the release of 11.42% of its circulating supply, valued at $6.22 million. This move may boost the project’s liquidity and attract new investors. Moreover, CyberConnect hopes to increase trading possibilities and guarantee a fair distribution of tokens among its community members by releasing a percentage of its circulating supply.
This action demonstrates the company’s trust in the project’s future development and success since it allows for more accessibility and engagement in the ecosystem. However, any significant release of tokens or assets might influence market sentiment.
The token floods the market when a significant amount of cryptocurrency is unlocked. Consequently, there may be an increase in supply, which, if not met by demand, may cause the price to fall.
CYBER/USD Price Analysis
Bears have had the upper hand in the CyberConnect (CYBER) market during the past 24 hours, with prices ranging from an intraday high of $5.05 to a 7-day low of $4.88. Bullish efforts to rebound met strong opposition after testing $5.021 and could not break through, causing the price to fall further.
This negative trend is attributable to the unlocked fraction of CYBER tokens hitting the market, boosting supply and outweighing present demand. If negative momentum breaks through the $4.88 support level, the next level to watch out for is around $4.75.
However, if bullish sentiment regains control, the price might retest the barrier around $5.021 and attempt a breakthrough. CYBER’s market capitalization and 24-hour trading volume fell by 4.92% and 40.38%, respectively, to $52,335,454 and $31,834,519, reflecting the market’s gloomy attitude.
Furthermore, the drop in market capitalization and trading volume indicates that investors may be cautious to purchase or sell CYBER at its present price.
The widening trend of Bollinger bands in the CYBERUSD price chart, with the upper and middle bands at $5.17189606 and $4.78807254, indicates higher market volatility.
However, the price trades below the lower band and forms a green candlestick pattern, signaling a possible positive turnaround. This tendency may entice purchasers who perceive the present price as a chance to profit.
Furthermore, the stochastic RSI is trending below its signal line with a value of 17.86, indicating that the CYBERUSD price is oversold, encouraging the probability of a positive turnaround. This level indicates that the selling pressure is approaching its end and that an upward price movement is possible.
In conclusion, CyberConnect’s strategic token release aims to enhance liquidity, but market dynamics suggest caution in CYBER/USD trading amid increased volatility and oversold conditions.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
