CyberVein Price Analysis: CVT Continues Extra-ordinary Bullish Run, Enroute To Break 2020 High-Day Close

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.