The NuCypher price has made a strong comeback as demand for the coin rises. NU, the native token, rose to a high of $0.3921, which was the highest level since April 2022. At its peak, the coin was over 240% from its lowest level in March. NuCypher is now trading at $0.2720, which is about 30% below the intraday high. Its market cap has dropped to about $334 million.
NuCypher is a blockchain project that seeks to provide three key solutions: secrets management, dynamic access control, and secure computation. For example, a person in an ecosystem can encrypt data with a public key and then uploaded it to a file storage platform.
The person could then provides this key to a miner in exchange for a payment. And finally, a data recipient can send an access request to the NuCypher network. If the valid re-encryption key exists, the data is re-keyed to his public key and can then decrypt it with a private key. It is unclear why the NuCypher price went parabolic. It is likely because investors buy the dip considering that the coin has dropped by more than 90% from its all-time high.
The four-hour chart shows that the NU price has consolidated in the past few months. The coin went parabolic on Thursday as it moved above the important resistance level at $0.2153, which was the highest point on May 23rd. The coin has moved above the 25-day and 50-day moving averages. It has moved between the 50% and 38.2% Fibonacci retracement level.
Therefore, the NuCypher price will likely continue falling as bears target the next key support level at $0.2153. This price is about 20% below the current level. On the flip side, a move above the key resistance at $0.30 will invalidate this view. You can check out my long-term NU price prediction here.
This post was last modified on Jun 02, 2022, 09:48 BST 09:48