CyberVein Price Analysis: CVT Continues Extra-ordinary Bullish Run, Enroute To Break 2020 High-Day Close
- CyberVein has seen an extraordinary 567% price surge over the past 90-days of trading.
- The cryptocurrency managed to close at a high price of $0.03739 at the start of May.
CyberVein has been on a very impressive bullish streak over the past 3 months of trading as the cryptocurrency managed to surge by a total of 567% to reach the current price of $0.034. The cryptocurrency started to surge in March but really took off during April as it managed to spike to a high price at $0.05.
The coin has since dropped but is currently trading at $0.0341. CyberVein is ranked in the 109th position with a total market cap value of around $36 million.
CyberVein Price Analysis
CVT/USD – Daily CHART – SHORT TERM
- Market Overview
Looking at the daily chart above, we can see that CVT started to explode during April 2020 as the cryptocurrency surged from $0.012 to spike as high as $0.05. It came down from $0.05 to close the session at a price of $0.0373.
As April progressed, we can see that CVT fell lower but managed to find solid support at the .618 Fibonacci Retracement level at $0.0196. If we were to drill down into the 4HR charts, we would see CVT rebounded perfectly from this support level.
After rebounding, CVT went on to recover for the remained of April 2020 as it reached back into the 2020 high-day closing price of $0.0373.
In May, we can see that CVT has traded within a range between $0.0373 and $0.03.
- Short term prediction: BULLISH
CVT is most certainly bullish at this moment in time and would need to break beneath $0.025 to turn neutral. A push beneath $0.02 (100-days EMA) would put CVT in danger of turning bearish.
If the sellers do push lower, the first level of support lies at $0.0296 (.382 Fib Retracement). Beneath this, support lies at $0.0246 (.5 Fib Retracement), and $0.0212.
Alternatively, if the bulls manage to break the resistance at $0.0352 (long term bearish .618 Fib Retracement), resistance is firstly located at $0.0373 (2020 high-day closing price). Above this, resistance lies at $0.04, $0.0438 (1.272 Fib Extension), $0.0466 (1.414 Fib Extension), and $0.049 (long term bearish .886 Fib Retracement).
- Key Levels
Support: $0.030, $0.025, $0.0212, $0.02.
Resistance: $0.0352, $0.0373, $0.04, $0.0438, $0.0466.
Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.
Published at Tue, 12 May 2020 20:57:11 +0000
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