Viberate (VIB) Witnesses Meteoric Price Surge: What’s Behind the Recent Rally?
Crypto News – This week, Viberate (VIB) witnessed a substantial surge in price as crypto traders aggressively drove up its value. VIB reached an impressive high of $0.10 on Wednesday, marking its peak since April this year. During this pinnacle, the token had escalated by an astounding 150% from its lowest point earlier in the week, ultimately leading to a market cap exceeding $34 million.
Viberate is a relatively modest blockchain project with a big vision—to revolutionize the music industry. The platform offers a range of tools catering to both independent artists and other professionals. For professionals, Viberate provides valuable services such as talent discovery, artist monitoring, campaign planning, and comprehensive reporting, all within a unified platform.
Conversely, independent musicians benefit from tools like distribution assistance, website creation, and playlist pitching. Thus, the platform’s objective is to disrupt a multibillion-dollar industry by leveraging blockchain technology.
The exact cause behind the sudden surge in VIB token price over the past few days remains unclear. One plausible explanation could be the influence of crypto traders engaging in an orchestrated effort to boost the token. Similar instances of significant price pumps without a clear fundamental basis have been observed recently, including notable surges in Loom Network and ORBS.
Another potential factor could be an imminent partnership or major news related to the Viberate platform. Historically, many cryptocurrencies have experienced significant price surges prior to major announcements or events within the ecosystem.
Moreover, Viberate has seen a notable increase in trading volume. Data from CoinMarketCap reveals a remarkable surge in 24-hour trading volume within the ecosystem, surpassing $124 million.
Analyzing the daily chart, it’s evident that the VIB crypto price had maintained a narrow range for an extended period, fluctuating between the support level at $0.038 and the resistance level at $0.050 since August. Applying the Wyckoff Model, this phase could be characterized as an accumulation period.
However, Viberate has now transitioned into the markup phase, successfully converting the crucial resistance level of $0.066 into a newfound support. Additionally, it has surpassed the 100-day and 50-day exponential moving averages (EMA), while the Relative Strength Index (RSI) has surged to an extremely overbought level of 90.
Consequently, there is a suspicion that the rally in Viberate will persist briefly before initiating a downward trend. In such a scenario, it is likely to retest the psychological level at $0.10 and subsequently dip to $0.06.
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