CyberVein (CVT) Up 5000% in 2020

Cybervein (CVT) has had an epic price run in 2020. It has risen by just shy of 5000% in terms of USDT value since its all-time low in early January 2020. Is this run showing any signs of slowing down? What might be good price levels to buy back in at?

Since recording an all-time low of 0.0295 USDT in the first week of January 2020, CVT has experienced almost a phenomenal 50x increase in price. This occurred when the CyberVein price reached its all-time high of 0.14499 USDT on August 31, 2020 on the Malta-based OKEx cryptocurrency exchange.

CyberVein CVT

Bullish momentum

CyberVein CVT

Recent higher highs on the MACD histogram, as well as a fresh new uptrend on the RSI indicator on the weekly chart, show that CVT has not lost any of its bullish momentum. While the weekly chart has been in the overbought area (above 70 on the RSI indicator) for four weeks, this is common to see in bull markets. Indeed, CVT spent a full nine weeks in this overbought area during its last big run up. Even after correcting down below the overbought area in its previous run, the weekly chart maintained its higher high and higher low structure.

Psychological 0.01 level

CVT is currently in price discovery mode. This is to say that the price has never been in the area in which it is now. This makes it very hard to predict how much higher it can go. It is during times like these when some of the few tools that technicians have to go by are psychologically-relevant numbers. In this case, we are attempting to close above the 0.1 USDT level but have not yet had a weekly close above it. A weekly close below this level might lead to a period of consolidation which could provide a good entry point at lower levels.

Waning volumeCyberVein CVT

The past several weeks have seen very low volume compared to the previous leg up. This is a warning sign that this current move up does not have as much credence to it as the previous large move up which we saw in March, April, and May. It does not imply that the CyberVein price will correct but it does indicate that there is less confidence in this move up than there was in the last ones this year.


Good level to buy CVTCyberVein CVT

While it might be tempting to buy CVT now, it is not safe to buy assets which are in the middle of a leg up as they can have large corrections yet still remain in bullish territory. The best time to buy is when there is a pull back or a consolidation of price action.

The 13 EMA on the weekly chart has proven to be a solid support during the past six months. Five weekly candles have flirted with this level with no candle closing below it. If the price comes back to test this level, an entry could be considered.

Altcoin Buzz interviewed the founder of Cybervein on the Altcoin Buzz YouTube channel on 25 May.


The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.

Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This interview, overview, or update article has been compensated for media cooperation and has been sponsored for by the interviewed or reviewed organization. Copyright Altcoin Buzz Pte Ltd. All rights reserved.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.