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NuCypher was founded back in 2015 by Michael Egorov MacLane Wilkinson. However, the project was never public until 2019, as the cryptocurrency’s test network launched at the time. Recently, we have observed that the crypto asset has been rallying with a tremendous bullish mood. According to the data from CoinMarketCap, at press time, the digital currency is trading at the price level of $1.62 and has entered the list of top 100 cryptocurrencies in terms of market cap. Notably, over the past 24-hours, NU has seen some notable spikes.
Why is NuCypher skyrocketing?
NuCypher operates as a decentralized key management system that uses the potential blockchain technology. The system allows its users to share private data with others in a secure way. It is also noteworthy that NU is an ERC-20 based cryptocurrency. Moreover, the holders of the token can stake their holdings through the network to run a node. Ultimately, cryptocurrency is responsible for developing and sending information.
According to the data from CoinMarketCap, the token was trading near the price level of $0.20 and $0.30. Suddenly on Friday, the token was observed skyrocketing and achieved a price level above $3.5. Such a tremendous gain of more than 1100% within a few hours attracted several eyes. However, we found that the monstrous spike came as the cryptocurrency got listed on UPbit, the largest crypto assets exchange in South Korea.
Was there any “pump and dump scheme”?
After achieving a new high, the price of NuCypher tokens began to drop. ON the same day, the price of NU tokens plunged from near $3.5 to $1.1. Following the scenario, some Twitter users began to speculate about a “pump and dump scheme.” Notably, such a scheme aims to propel the price of an asset while spreading false or misleading information.
On the other hand, several were also wondering whether the token could sustain such types of gains in the future. According to the analysis of Wallet Investor, in the coming 12 months, the price of NU tokens will plunge back to $0.368.
NU token’s analysis indicates sideways action
NuCypher token over the monthly chart is trading sideways, after a sharp bullish momentum over from the lower levels. Meanwhile, the technical parameters are indicating sideways action and volume activity is also increasing. Volume action at the 4-hour time frame jumps near drastically over the period of time. However, slight caution is for long traders, as the RSI is near an overbought zone and we can see a slight sell off or profit taking in upcoming sessions. Vital Supports is $1.10 and $0.79, meanwhile, resistance on the higher levels is at $2.29 and $2.98.
Support levels: $1.10 and $0.79
Resistance levels: $2.29 and $2.98.
