- NuCypher price rises 1200%.
- NUCypher might currently be at the top.
The NuCypher share price rose nearly 1200% on 15 October, taking many people by surprise. The rally also spilled over to the token of the Keep Network, a blockchain project with similar objectives. The shock rally occurred after a tweet revealed that Keep was in merger talks with the NuCypher project. The announcement spurred a buying frenzy as heavy volume poured into the stock. Unfortunately, some people bought NuCypher tokens at the top and a few are considering selling their tokens. The analysis of this token may help someone out there make a better decision on what to do with their token holdings.
The codename for the new Threshold Network is KEaNU (probably coined from the first two letters of each project). According to the update which spurred the recent rally, the merger project is in its final stages. Crypto investors seem to like what they see of the potentials of the new Threshold Network, which is why there was significant demand on both tokens on the said day. There has been a retracement as a result of profit-taking, but the selling has stalled.
NuCypher’s market cap touched off the $2billion mark on account of the surge, making it the 79th largest cryptocurrency by market capitalization, according to CoinMarketCap. KEEP has the backing of Boost Venture Capital (Boost VC), and its co-founder Brayton Williams believes such high-quality combinations can better challenge traditional financial institutions in the decentralized finance marketplace.
The NuCypher Price Outlook
The daily chart shows the price retracement from the all-time high of 2.7646, attained on 15 October 2021. The retracement has touched off the 61.8% Fibonacci level, tracing from the swing low of 15 October to the all-time high.
The 61.8% Fibonacci retracement level has served as the recent lows between 16 October till date. Additional buying volume has to enter the pair to signal a renewed interest in the NU/USDT pair. If this interest comes in and there is a price bounce, the potential targets to the upside come in at 1.5328 (50% Fibonacci retracement level) and also at 1.8247 (38.2% Fibonacci retracement level). If the momentum can take the pair further, 2.1858 becomes another target, leaving 2.7646 as the only barrier to the NU/USDT posting new highs.
NU/USDT Daily Chart
This outlook is voided if the price breaks down the 61.8% Fibonacci level on new selling. This move will open the door for the price to seek out the 1.0000 psychological support, with 0.8254 (78.6% Fibonacci retracement level) serving as an additional downside target.