Why is VIB Coin Pumping? Viberate Explodes 70% After Breaking Year-Long Downtrend

Viberate (VIB) saw a massive 70% price surge today, with the token trading around $0.077 at the time of writing. This huge pump comes after VIB broke out of a year-long downtrend and flipped a key support/resistance level into support.

VIB’s pump appears to be driven by a combination of technical and fundamental factors. On the technical side, VIB had been trading in a downtrend since last year and recently broke out above a key resistance around $0.045. This breakout flipped the previous resistance into support and allowed VIB to rally higher. The breakout was followed by a throwback to retest the new support level, which held strong and confirmed it as a solid floor.

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Fundamentally, Viberate is a blockchain-based marketplace for live music event organizers, artists, and bars/venues. The project has slowly been building adoption and recently announced several partnerships, including integration with Travala.com. This real-world usage and adoption likely renewed interest in VIB as both a utility token and longer-term investment.

The pump also comes amid a renewed hype cycle and bullish sentiment returning to crypto markets more broadly. After a brutal bear market for most of 2022 and 2023, traders are looking for assets poised for rebounds – and VIB’s chart and fundamentals made it a prime candidate.

However, other analysts have noted the lack of major Viberate-specific news catalyzing this 70% breakout. As crypto analyst Wise Adviser pointed out, Viberate has not released any significant updates on social media to explain the rally. With a still-low market capitalization around $13.8 million, whale traders could be behind the surge, hoping to drum up hype and fomo. This analyst compared it to Loom Network’s unsustained pump in 2020.

Going forward, VIB will need to hold above its new support in the $0.045 area to confirm the breakout is sustainable. If it can establish this as a higher price floor, further upside to test overhead resistance around $0.12 becomes likely. However, with no major catalysts behind the pump, traders should be cautious about chasing VIB at current prices.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency