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After briefly soaring by 18% in the last 24 hours, CyberConnect has taken a corrective path. The latest chart shows that the price is down by 12%. But can it move up again, and the momentum be retained?
CyberConnect Loses Momentum Within Hours of Experiencing 18% Pump
Some corners of the crypto community celebrated when CyberConnect moved up by 18% briefly.
The Time is Now ⚡️ 🔥#CYBER is now available for trading on top DEXs & CEXs!
🔗Verified Links for all trading platforms here: https://t.co/m0qdNXFhB3 pic.twitter.com/x6HtQ9VlKg
— CyberConnect (@CyberConnectHQ) August 15, 2023
The Web 3 crypto went live on CEX and DEX on August 15th, which caused this token to witness a massive surge early on. Bolstered by its Web 3 appeal that brings social networks to the decentralized realm, CyberConnect moved up quickly, but it has now retraced and entered the consolidation phase.
The hourly trading chart showed that the token went by 18% earlier today in an attempt to reclaim its all-time high that it achieved shortly after going live on Binance.
However, shortly after, CyberConnect dived by 12%. At 4:37 am EST, it was trading around $4.21 while maintaining a market capitalization of $46.4 million. Also, there has been a 3.71% rise in its 24-hour trading volume.
What is CyberConnect?
CyberConnect is a Web3 social network that allows devs to create decentralized social applications. These applications enable users to use their digital identity, data, content, interactions, and interaction.
According to the official whitepaper, CyberConnect creates on-chain connections, allowing developers to create robust social media apps on a decentralized domain and allowing creators to grow their audience in a fairer ecosystem.
This project has gained significant traction after CyberConnect V3, a new upgrade that introduces more stability to the Web 3 social dApps created in the ecosystem.
The upgrades include three components:
- CyberAccount, an ERC-4337 compatible identity infrastructure
- Cybergraph, a database that’s censorship-resistant and record’s user’s content
- CyberNetwork, a gas-efficient and scalable network
The ecosystem’s promise of letting developers create their social media applications goes beyond d the norms – which could have been one of the reasons why this project has gotten so much traction in so little time.
However, the token’s current predicament puts it inside a bearish zone.
CyberConnect Price Analysis
Hourly charts show that the token has moved below its 7-day average, acting as its resistance.
Furthermore, the token’s RSI is 50, indicating a lukewarm reaction from the community. The same sentiment can be seen from the negative MACD.
The token’s initial surge has to do more with its listing on Binance and less with its utility. However, it is likely that as soon as some social media dApps start dropping, CyberConnect’s price may move up.
That is why crypto presales are better investment options for the risk-averse.
CyberConnect Alternative – Wall Street Memes
Wall Street Memes have generated a lot of buzz in the market during the current presale. Its focus on memes and the fact that it doesn’t fake any large utility gives it an honest appeal, which is why investors are flocking to this asset.
This project has also amassed a massive following, with over 260k followers on Twitter. Its comedic take on financial topics has even attracted Elon Musk’s attention, which gives it a leg up over other recently released meme coins.
So far, Wall Street Memes has generated more than $25 million in its presale that started in June 2023. The ICO is closing within the next few weeks, making it a good time for early movers to go to wallstmemes.com and pick this token.
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