South Korean Exchange Listing Boosts CYBER and FET Altcoins, Driving Prices Up Over 7%
In the midst of a cryptocurrency market that has seen a weakening trend, two altcoins, CYBER and FET, have experienced remarkable gains over the past 24 hours. This surge can be attributed to the recent listing of these coins on a South Korean exchange, which has created a buzz among traders and sparked increased trading volumes.
Fetch.ai (FET) recorded a 7.18% gain within a 24-hour period, reaching a trading price of $0.2338. Notably, the altcoin witnessed a massive 169.45% increase in its trading volume, with a total volume of $36,412,611. Market analysts have linked this surge to NVIDIA’s renewed focus on the Artificial Intelligence (AI) sector. As NVIDIA intensifies its efforts in the AI field, it is expected that AI-themed cryptocurrencies like FET will experience significant price movements.
From a technical standpoint, FET buyers seem to be enjoying short-term momentum, indicated by the positioning of the 9-day Exponential Moving Average (EMA) line above the 20-day EMA line on the daily chart. This upward momentum could potentially lead the cryptocurrency’s price to break through the downwards trend line that has persisted for months. If FET manages to surpass the $0.2420 mark, it may pave the way for further upward movement towards the next resistance level at $0.290 in the coming weeks. However, if FET fails to breach the multi-month trend line, it could retest the support level at $0.1715.
On the other hand, CyberConnect (CYBER) displayed an impressive 12.62% increase in its price over the past day, reaching a value of $8.70. This positive daily performance contributed to CYBER’s overall weekly performance, which has seen a staggering growth of +117.81%. This surge in price can be attributed to the recent listing of CYBER on Bithumb, a South Korean exchange known for its high trading activity.
CYBER managed to break above the key threshold of $5.550 in the past 48 hours. It also attempted to surpass the next key price point at $9.405 but fell short. If CYBER fails to close a 4-hour candle above this benchmark within the next 12 hours, it may experience a correction back down to $5.550.
Overall, the listing of CYBER and FET on a South Korean exchange has significantly impacted their prices and trading volumes. These altcoins have managed to defy the weakening trend observed in the cryptocurrency market, driven by factors such as increased trading activity and renewed focus on AI by major companies like NVIDIA. Traders and investors will closely monitor these coins for further price movements and potential opportunities for profit.
The article South Korean Exchange Listing Boosts CYBER and FET Altcoins, Driving Prices Up Over 7% highlights the recent success of CYBER and FET in a market that has been experiencing weakness. Their listing on a South Korean exchange, combined with factors like increased trading volumes and attention from major companies, has contributed to their impressive price gains. As traders and investors continue to monitor these altcoins, the potential for further growth remains high.