- Viberate price has surged by more than 150% from its lowest point this month.
- It surged to the highest level since April as volume in its ecosystem rose.
- This rally could be a normal pump since there was no major news.
Viberate (VIB) price went vertical this week as crypto traders continued pumping the token. VIB soared to a high of $0.10 on Wednesday, its highest level since April this year. At its peak, the token was up by over 150% from the lowest level this week, giving it a market cap of over $34 million.
Viberate is a relatively small blockchain project that aims to disrupt the music industry. It provides tools for independent artists and other professionals. Its professional services include talent discovery, artist monitoring, campaign planning, and reporting in one platform.
Meanwhile, its tools for independent musicians are distribution, website creation, and playlist pitching. Therefore, the platform aims to disrupt an industry worth billions of dollars using the blockchain technology.
It is unclear why the VIB token price has surged in the past few days. A likely reason is that crypto traders are simply pumping the token. We have seen several pumps without a solid fundamental reason in the past few days. For example, Loom Network price jumped by over 500% while ORBS is still surging.
Another possible reason is that there could be an upcoming partnership or major news in the platform. In the past, we have seen many cryptocurrencies pump ahead of a major news or event in the ecosystem.
Viberate has also seen higher trading volume. Data by CoinMarketCap shows that the 24-hour volume in the ecosystem soared to over $124 million.
Viberate price analysis
The daily chart shows that VIB crypto price remained in a tight range for a while. It stayed between the support at $0.038 and the resistance at $0.050 since August. In the Wyckoff Model, this period could be said to be the accumulation phase.
Viberate has now moved to the markup phase and flipped the important resistance level of $0.066 into a new support. It has crossed the 100-day and 50-day exponential moving averages (EMA) while the Relative Strength Index (RSI) has surged to the extreme overbought level of 90.
Therefore, I suspect that the Viberate rally will continue briefly and then it will start the downward trend. If this happens, it will retest the psychological level at $0.10 and then drop to $0.06.
