- CyberConnect has formed a rising wedge pattern on the two-hour chart.
- The token has surged by over 169% from the lowest level this year.
- The wedge points to a major decline in the coming days.
CyberConnect price rally gained steam on Thursday as investors continued to buy the CYBER token. The small-cap token rose to a high of $9.10 on Thursday, the highest level since August 15. It has jumped by over 169% from the lowest level this month, giving it a market cap of over $100 million.
CyberConnect news
CyberConnect is a new venture-backed platform in the blockchain industry. It is backed by the likes of Protocol Labs, GGV Capital, Binance Labs, and Folius Ventures among others.
The platform offers several features, including CyberAccount, CyberGraph, and CyberID. CyberAccout helps developers onboard users to the multi-chain social experience while CyberGraph is a smart contract that records users contents and social connections.
CyberID is the unique handle for users account in CyberConnect. According to its website, CyberConnect has partnered with over 2,500 companies like Dodo, Celer, Animoca Brands, and Element.
There are three main reasons why CYBER price is soaring. First, the rally was boosted by the overall crypto rally after the victory by Grayscale against the Securities and Exchange Commission (SEC). A court ruled that the SEC erred by arbitrary blocking the conversion of GBTC into an ETF.
Cyber price also jumped after a number of key events in the ecosystem. For example, Binance launched a Simple Earn CYBER quiz promotion that has a reward of $50,000. This reward will be shared by people who register, complete the quiz, and enroll in the earn product.
Second, CyberConnec partnered with several companies. Some of the recent partners are Carbon Browser, zkLink, and WOOFI.
CYBER price forecast
The two-hour chart shows that the CYBER price has been in a strong bullish trend in the past few days. It has rallied from a low of $3.48 to $9, making it one of the best-performing cryptocurrencies in the market. CYBER has jumped above the 25-period and 50-period moving averages.
Most importantly, the token has formed a rising wedge pattern that is shown in black. In price action analysis, this pattern is usually a bearish sign. Therefore, with the wedge moving to a confluence point, the token will likely have a bearish breakout. If this happens, the next level to watch will be at $6.
