CyberConnect (CYBER) saw an increase of 17% this Monday (13), contrary to trends in the broader market that point to a drop in Bitcoin, which fell back to US$ 36.50.
CYBER, the native token of the web3 social media platform, has seen a sudden price increase in the last 24 hours, in anticipation of the token release event that will take place in the next 24 hours. At this event, 1.23 million CYBER tokens, valued at over $10 million, will be injected into the market.
Generally, token releases tend to be a bearish event, resulting in a price drop. This occurs due to the large volume of tokens entering the market, causing a reduction in demand as a result of the increase in supply.
However, the current rally can be attributed to CYBER holders boosting the price ahead of release, targeting profits before the price takes a dip. A similar phenomenon was previously observed on October 15, when exactly 1.23 million CYBER tokens, valued at $10.03 million, were unlocked.
Token CYBER Salta
Although the cryptocurrency falls into the small cap category with a market capitalization of $85 million, today’s rally has placed it as an asset to watch.
CYBER price, currently priced at US$7.76, has seen an increase of almost 17% in the last 24 hours, reaching an intraday high of US$8.34. According to analyst Aaryamann Shrivastava, the token is close to breaking the important Fibonacci Retracement of 61.8%, marked between US$11.63 and US$4.01, situated at US$7.81.
“With the imminent release of tokens, there is a possibility that the price of CYBER will not only not break the $7.81 barrier, but will also decline, testing the support line marked at $6.93. Losing this support line would result in a decline to the November lows at $5.80.
However, if the altcoin closes above the $7.81 resistance and manages to test it as a support level, it could invalidate the bearish thesis. I
“This is seen when the 61.8% Fibonacci line is tested as support, which would also allow CYBER to potentially surpass the $8.00 psychological mark and reach a two-month high,” he concluded.