CYBER Tanks 11%- Bullish Run Ahead?

Cyberconnect (CYBER) price recorded an 11% slump to the current price of $4.036. In the last two days, the token is down around 25% from the August 21 intra-day high of $5.470. The chart below indicates that the price action has been consolidating between two key congestion levels. The actionable movement in price points to high volatility in the CYBER market as bulls and bears fight for control.

Cyberconnect Price Fights FUD

Cyberconnect price is currently withstanding the worst of fear, uncertainty, and fraud (FUD). This came after recent airdrop claims were later revealed to be fraudulent.

🚨 SCAM ALERT 🚨

Please beware of a fake CYBER airdrop making rounds on social media.

Do not interact with any website or tweet promoting the claiming of CYBER.

All our verified links & resources can be found here 👇🏼https://t.co/GPlAf0Jc6G

— CyberConnect (@CyberConnectHQ) August 21, 2023

It happened that a lousy actor paraded a fake website, enticing prospective victims that they would receive CYBER tokens. However, the network got wind of this attempted scam and put it off to its 455,100 users on social media platform X.

Like the rest of the crypto market, Cyberconnect price is also suffering due to the recent market crash. As witnessed on August 18, BTC prices crashed almost 15%, with massive liquidations nearing the $1 billion mark for both long and short positions.

Cyberconnect Price Forecast As CYBER Readies For Cycle Move North

Cyberconnect price action has been oscillating between two congestion levels as it continues with a horizontal move. The current outlook shows that the $3.827 support level has come into play for yet another sequence this month, and now CYBER may be nurturing an uptrend.

The volume indicator shows significant buying power for Cyberconnect’s price, which could be sufficient to sustain an uptrend. If history is enough to go by, the following CYBER sequence could constitute a 20% climb to tap the supply zone (orange).

A supply zone is an order block where sellers abound and tend to initiate aggressive selling. As such, if Cyberconnect’s price reaches this zone, it is likely to correct the south. However, CYBER could break through if the order block fails to hold as a resistance level.

The Cyberconnect price could extend north to the $5.461 resistance level in a highly bullish case. Such a move would denote a 35% climb from current levels.

Conversely, increased selling pressure could interrupt the current oscillatory pattern, sending Cyberconnect’s price below the $3.827 support level. A decisive 4-hour candlestick close below this level would invalidate the optimistic outlook.

The Relative Strength Index (RSI) position below the 50 mark points to a weak price strength as momentum is easing steadily. Similarly, the bars of the Awesome Oscillatory histograms are in the negative zone. This shows that bears still have a strong presence in the CYBER market.

It is worth mentioning that the current bearish outlook for Cyberconnect heavily relies on Bitcoin price. If BTC shows weakness, the chances of the move harming altcoin would increase. In that case, why not consider LPX, whose outlook and performance hinges on other fundamentals outside BTC correlation?

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