Crypterium (CRPT) price has become hot again after a massive surge this week. CRPT coin is known for showing extreme volatility on both sides. This time bulls are in business as they attempt another breakout above a key level on the chart.
Cryptocurrency prices are struggling on Wednesday as the markets await the outcome of the ongoing FOMC meeting. Bitcoin price is still stuck at the $29,200 level as altcoins remain in the abyss. Despite the prevailing bearishness in the market, Crypterium has surged 26.34% this week.
While the exact reason behind the recent surge in CRPT is not known, we can still try to explain this pump. Firstly, there has been some increased interest in the project on social media for the past couple of days. Secondly, the coin has a history of pump and dumps, which makes the current move quite suspicious.
Crypterium price needs to flip a key level on its chart into support to signal a bullish reversal. This level has been revealed in the following technical analysis and also marked on the chart for a better understanding. This suggests that it might not be a good idea to chase the ongoing pump.
The following CRPT coin chart shows that the price has soared more than 80% in less than seven days. However, despite this surge, the price is yet to close a day above the key resistance of $0.088. Currently, the price is trading well above this level which makes today’s closing very significant.
Cryptrerium price will flip even more bullish if it breaks above the $0.088 resistance. This may result in an explosive move toward its yearly peak of $0.284. This translates into a potential 200% price increase. However, there is also a possibility of a fakeout due to the upcoming FOMC announcement and a sudden drop in BTC price.
In the meantime, I’ll keep sharing updated Crypterium analysis as well as the upcoming 1000x gems on Twitter, where you are welcome to follow me.
This post was last modified on Jul 26, 2023, 11:13 BST 11:13