CUBE price has joined the current rally of NFT cryptos in the metaverse rising a massive 74% to hit a new record high above $22.
It is an interesting time for the cryptocurrency market as different assets discover new record highs. Led by the market leader, Bitcoin, recording a new all-time high (ATH) above $67,000 on October 20, other cryptos followed suit. Ethereum recorded a new ATH at $4,521 earlier today and Polkadot discovered a new ATH above $54 earlier today as well. The CUBE price has not been left behind in the current rally.
The bull run has also seen competition from meme coins, DOGE and SHIB who keep interchanging between the eight and ninth place by market value ranking on CoinMarketCap.
The competition has shifted to NFT and gaming cryptos in the metaverse following the announcement that Facebook was rebranding to Meta late last week.
The news have seen cryptos like AXS rally to set a new ATH above $164 on October 29 while SAND rallied to hit a new ATH around $3.28 on Monday.
Somnium Space Cubes Token (CUBE) has rallied 74% over the last 24 hours to discover a new high above $22.90. CUBE’s daily trading volume has also rallied a massive 460% to $16,402,306 over the same period.
CUBE Price Rally Aims For $25.43
At the time of writing, CUBE price is hovering around $21.66 and has formed an ascending parallel channel on the four-hour chart. This is a significantly bullish chart pattern that is formed when an asset records successive higher highs and higher lows over an extended period. Note that as long as CUBE price remains within the confines of the rising channel, it will rise to tag the target of the governing chart pattern at $25.43. This will represent a 19% from the current price.
However, before reaching this target, CUBE bulls have to overcome selling pressure from the $23 psychological level.
The upsloping moving averages and the entry of the Relative Strength Index (RSI) indicator into the overbought region add credence to this bullish outlook.
CUBE/USD Four Hour Chart
However, if things go awry for CUBE and it closes below the immediate support at $18.42 provided by the middle boundary of the rising channel, the asset may drop to tag the $14.68 support wall or the lower boundary of the rising channel at $13.47.
What is Somnium Space Cubes (CUBE)?
Somnium Space Cubes Token, CUBE was launched on 08/01/2018 by a UK based team. Somnium Space has built a VR world with a blockchain based economy. It sells NFTs and ERC20 in game currency and provides immersive VR experiences from entertainment to education.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.