- NuCypher price analysis is strongly bullish today.
- NU/USD price is discovering new horizons.
- The merger news has made traders interested in the NU asset.
The NuCypher price analysis reveals the price skyrocketed as high as $2.78 following news of a blockchain merger. When the news of the merger of the NuCypher network, basically a privacy-based blockchain, with another network named KEEP came out, the interest from adventurous investors soon triggered. As rare as the merger between two blockchains is, so is the outcome on NuCypher price. After going as high as $1.8, the price closed at $1.4 yesterday, gaining almost 400 percent value in a single day.
NU/USD 1-day price chart: NuCypher to the moon, as trading volume breaks through the roof.
The 24-hour NuCypher price analysis shows the price continued to increase today as well after hitting an all-time high yesterday. The cryptocurrency is trading hands at $1.83 at the time of writing after swinging as high as $2.35 today. The NU/USD is on gains of more than 200 percent over the last 24 hours and at a gain of more than 500 percent over the past week. The trading volume is shooting through the roof with an increase of 1425 percent.
The volatility for NU/USD started increasing at a high pace when the news of the merger came out on 14th October, and the price suddenly started trading above the upper Bollinger band, as can be seen in the charts, and still continues to trade above. The upper band now below the price level at $1.23 represents support for the cryptocurrency.
The relative strength index (RSI) is at strange higher levels in the overbought zone at index 95, but now flattening out, indicating exhaustion of bulls and may give sell-off call any time.
NuCypher price analysis: Recent developments and further technical indications
The 4-hour price chart for NuCypher price analysis shows selling pressure is forming in the market, as the price shot up extremely high beyond imagination, the last candlestick on the 4-hour chart is red, indicating selling pressure.
The volatility is still high as the Bollinger bands show enormous expansion on both sides, with the upper band at the $1.79 mark and the lower band at the $-0.44 mark, making an average at the $0.67 mark. The RSI has also taken a slight downslope indicating an increase in selling activity during the recent hour.
NuCypher price analysis: Conclusion
The NuCypher price analysis shows the merger news has stirred massive interest from investors around the market, as the trading volume is suggesting, the long-awaited merger news is playing havoc on the volatility as well, as now the NU/USD is highly volatile and in an unpredictable form. The steep increment in price often reverts steeply, but at least the spike has helped the cryptocurrency in securing 83 rank on the top cryptocurrencies table. If the support at $1.23 persists, then the NU/USD will continue to trade above $1, but if the support falters, the NuCypher will follow suit.
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