Coinweb (CWEB) token rose for five consecutive days as cryptocurrencies bounced back, and as traders anticipated its mainnet launch. It surged to a high of $0.0073, its highest level since July 30th, and 182% above its lowest point this month.
Coinweb mainnet ahead
The main catalyst for the Coinweb price surge was the ongoing hype surrounding its upcoming mainnet launch, which will happen on Monday.
Cryptocurrencies often jump ahead of a major event such as a mainnet launch, halving, or exchange listings because of the hype. Indeed, CWEB was one of the most searched tokens in CoinGecko and CoinMarketCap.
This is a notable launch because it will happen at a time when cryptocurrencies are soaring and when activity in the network is rising. According to its website, there are over 40 dApps in the ecosystem like LinkMint, Taurus AI, Curator, and Bounty Temple.
Therefore, the developers hope that moving to mainnet will bring in more developers who want to take advantage of its unique architecture. According to its website, Coinweb can handle over 100,000 transactions per second, making it faster than popular networks like Ethereum.
Coinweb’s key advantage is that, unlike other chains, it focuses on cross-chain computation, which means that dApps created in its network can communicate with those in ten other sovereign chains like Solana and Ethereum.
Coinweb’s approach will help it solve the so-called trilemma, which comprises security, scalability, and decentralization.
However, its biggest challenge will be the competition in the blockchain industry, where networks like Sui, Ethereum, Tron, and Base have a leading market share. In the past, attempts to disrupt these chains have failed, which has led to many zombie networks like Zilliqa, Kadena, and Velas.
Coinweb also jumped because of the ongoing crypto surge. Bitcoin moved to $66,000 for the first time in months, while coins like Pepe and BNB jumped. This rally was because of the Fed’s rate cuts, Changpeng Zhao’s release from prison, and China’s stimulus.
Coinweb price analysis
Turning to the daily chart, we see that the Coinweb token bottomed at $0.0027 in September and then staged a strong comeback to the current $0.0077. It has soared above the 50-day moving average and is approaching the 23.6% Fibonacci Retracement point at $0.0095.
Oscillators like the Relative Strength Index (RSI) and the Percentage Price Oscillator (PPO) have pointed upwards. Therefore, the path of the least resistance for the token is $0.0095, which is about 35% above the current level.
