CyberConnect price could fall 10% as $9.65 million worth of CYBER tokens due to flood markets in cliff unlock


  • CyberConnect price has consolidated along an ascending parallel channel, with a recent correction testing the lower boundary on January 8.
  • The network has a cliff token unlock on Sunday, with 1.26 million CYBER tokens worth $9.65 million to be unleashed.
  • CYBER could fall 10% to $7.121, with the risk of extending the fall to the subsequent support at $6.609.
  • The bearish thesis will be invalidated if the altcoins confirms a breakout above the channel beyond the $9.00 psychological level.

CyberConnect (CYBER) price is trading with a bullish bias, consolidating within an ascending parallel channel since October when the broader market turned bullish. However, this bullishness could be tested soon as the network has a bearish catalyst on the calendar on Sunday, January 14.

Also Read:  CYBER price jumps nearly 17% ahead of $10 million token unlock

CYBER Network to unlock 1.26 million tokens

CyberConnect (CYBER) price could be coiling up for a dump, as the network has a cliff token unlocks event tomorrow. According to the TokenUnlocks app, the network will be flooding 1.26 million CYBER tokens worth approximately $9.65 million. The volume of the unlocks represents nearly 8.5% of the asset’s supply.

The tokens will be allocated to community treasury, ecosystem development, and public sale investors. While the first two may not be looking to sell, investors are likely to cash in for quick gains. The ensuing selling momentum could weigh heavy on CYBER price.

In principle, crypto token unlocks are typically considered bearish events for asset prices. Unlocked tokens enter circulation, increasing the selling pressure on the asset across cryptocurrency exchange platforms.

CYBER Token Unlocks

CyberConnect price outlook

CyberConnect price remains bullish, but this position could be tested soon in the wake of the expected profit booking. If the bears have their way, CYBER price could drop below the $7.601 support level, or lower, to test the $7.121 support.

A break and close below the aforementioned level, constituting a 10% dump, would push CyberConnect price over a cliff, potentially going as low as the $6.609 support level.

The Relative Strength Index (RSI) appears subdued, edging south to show momentum is falling. If the trajectory of the RSI sustains, it could soon cross below the signal line (yellow band), a crossover that is interpreted as a sell signal. Traders heeding this call would reinvigorate the selling pressure.

CYBER/USDT 1-day chart

Conversely, if the bulls fasten their grip on CyberConnect price, it could push north, extending to break above the upper boundary of the channel. This could see CYBER price tag the $9.000 psychological level. In a highly bullish case, the gains could extend for the altcoin to reclaim the $9.696 range high, levels last tested on January 3.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP