The cryptocurrency market was up on May 31, with most cryptocurrencies registering notable gains after Bitcoin (BTC) gained to $32,000. While most of the market has dropped to lower levels during the past 24 hours, NuCypher has maintained the uptrend and made triple-digit gains.
NuCypher gains over 100%
During the past 24 hours, NuCypher has gained by 108%, according to data from CoinGecko. The gains can be attributed to growing resiliency caused by increased buying pressure. The token was trading at $0.355 at the time of writing.
NuCypher is a network that uses cryptographic technology while integrating a network of nodes. The network offers “secret management” services for blockchain infrastructure. This network offers access to a wide range of services, including dynamic access to private data featured on private networks.
Cryptoassets are a highly volatile unregulated investment product.
NU is the governance token for the NuCypher decentralized autonomous organization (DAO). The DAO votes on the proposals tabled to transform the network. These proposals include the staking rewards and the inflation rate for the NU token.
While the NU token was launched in October 2020, the NuCypher network has existed since 2017. At the time of writing, NuCypher had a market capitalization of around $439 million, and it ranked as the 116th largest cryptocurrency by market capitalization. It is one of the best low cap cryptos to invest in.
NuCypher reached an all-time high in October last year, and at its current price, the token is 86% below this value. This performance is similar to what has been experienced in the market, where most tokens are significantly below their record highs.
NU is prime for more gains
The NU token has the potential for more gains because of the strong fundamentals of the NuCypher network that make it one of the best utility tokens. The public sector is slowly turning towards blockchain technology, and the NuCypher network is equipped with the technology needed to guarantee privacy in data sent over private networks.
At the current price, NU needs to make a slight gain to test the next resistance level at $0.55. If the current buying pressure continues to build, these levels could be attained in the short term.
The market support could also jump in, given that most of the market is still trading in a bearish trend. This could allow NU to push to the next resistance at $0.48. The $1 barrier could be broken if the market reverses its current trend and becomes bullish.
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