CyberVein Price is Up 23%, But Can CVT Reclaim $0.055?
- CyberVein (CVT) is the most notable gainer of the day with a 23.77% increment in 24 hours at the time of writing this.
- Currently priced at $0.03, can CVT/USD retest $0.05 in the current bullish market environment?
At the time of writing this, the crypto markets have gained in value in tandem with the good news of several countries winning the war against the Coronavirus. The world is generally optimistic that the war will be won and it shows with the crypto markets gaining $80 Billion in market capitalization since the recent low in mid-March. The crypto markets are now valued at $210 Billion. In terms of 24-hour gains, CyberVein (CVT) is leading the pack with a 23.77% jump in the last day. Bitcoin (BTC) is very stable at $7,390 at the time of writing this. The King of Crypto is up 4% in the same time period.
Can CyberVein Keep at it and Reclaim $0.055?
On a macro level, the current price of CVT at $0.01319 has to overcome four resistance levels to get to its March 2019 value of $0.055. Below is a list of the resistance levels it has to overcome in the coming days:
Further checking the 6-hour CVT/USD chart courtesy of Tradingview.com, we see that the current price is above the 50, 100 and 200 moving averages. The token is exhibiting bullish moves as we draw nearer to the Bitcoin halving. Its MFI on this 6-hour time-frame is also low at 20 indicating that it could continue on its move up and retest the resistance of $0.055.
However, the 6hr MACD indicates that the token might just be overbought and will experience a cool-down before resuming on its upward trajectory.
With the entire crypto markets looking set to embrace the Bitcoin halving event that is due to happen in the next 36 days, CVT might as well be on its way to retest the aforementioned resistance levels.
Where Can you Trade CVT?
CVT is currently available for trading on the following exchanges:
More on CyberVein
CyerVein’s mission is to port all major global databases on to the blockchain. It prides itself as being the first distributed ledger system for the management of complex datasets on the blockchain without requiring centralized storage providers. CyberVein is a public network of immutable databases on which information can be traded, interconnected and transformed into structured knowledge.
(Feature image courtesy of Pietro Mattia on Unsplash.)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Crypto Gazette or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
John P. Njui Author
Crypto Enthusiast. Terrible dancer. Former DJ. Amateur Marathoner. Electrical Engineer. Kool kat.