CYBER Price Forecast: Rally to $8 likely as CyberWallet crosses 900,000 deployments
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CyberConnect’s crypto wallet CyberWallet hit a key milestone, crossing 900,000 wallet deployments since launch.
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CyberWallet recently announced its integration with Ethereum Layer 2 Mantle Network.
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CYBER price is likely to target the $7.884 level in its uptrend.
Web3 decentralized social network CyberConnect’s wallet, CyberWallet, crossed 900,000 deployments, according to an official announcement. CyberWallet’s adoption among traders in the ecosystem is likely to catalyze gains for CYBER holders.
CYBER price yielded nearly 5% losses for holders in the past week. CYBER price declined slightly, 1.31% on the daily timeframe. Technical indicators point at a likely recovery in CYBER, alongside bullish updates in the ecosystem.
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CyberConnect ecosystem developments
In its update on February 5, CyberConnect shared a key milestone for the project’s wallet. The web3 wallet was launched in August 2023 and since then with consistent adoption, CyberWallet completed 900,000 deployments.
To drive CyberWallet’s adoption higher, the project recently announced an integration with an Ethereum Layer 2 network Mantle. Mantle is an Ethereum Layer 2 blockchain that scales Ethereum through a modular approach, offers low fees and high security to users.
It's a double dose of gm today
Excited to share that CyberWallet now supports @0xMantle ⭐️ pic.twitter.com/mGRjuGSFQw
— CyberWallet ✨ (@thecyberwallet) January 17, 2024
CYBER price eyes recovery, likely to rally to $7.884 target
CYBER price declined from its 2024 high of $9.616 to a low of $6.152, within a week. CYBER price has been trading range bound between the 50% Fibonacci Retracement level of the decline between January 3 and 8, and the $6.657 support level.
The green bars on the Awesome Oscillator (AO) signal increasing bullish momentum. Relative Strength Index (RSI) climbed from 43.70 on Sunday to 46.09 on Tuesday, inching closer to the neutral level of 50.
CYBER price could face resistance at the 50% Fib Retracement level at $7.884, in the event of its rally to the $8 target. A daily candlestick close below the support level at $6.657 could invalidate the bullish thesis and signal a correction in the web3 token.
CYBER/USDT 1-day chart
In such a case, CYBER price could nosedive to its January 8 low of $6.152 in its decline.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
