Civic - Upbit pump, what to expectCoin of the day is Civic.
Along with the overall altcoin market drawdown of 2018 Civic coin also has been testing the near-bottom lows. To be clear, the coin lost almost 90% of its BTC value from 2017 gains. Recently CVCBTC pair dragged attention by hitting almost a 50% pump after listing on Upbit, even higher jump than during recent Binance listing. Let's refresh our memory of what is it and what to expect.
Civic company develops technologies for the protection of personal information and identification, a hot topic in the world of crypto and open internet.
Civic main agenda is to provide technologies and services to the individuals, which gives the ability to protect and control their identities.
Civic is building an ecosystem that is designed to facilitate on-demand, secure and low-cost access to IDV, i.e., identity verification services via blockchain, trying to make the background and personal information verification checks faster and easier. Civic also has a Civic token (Ethereum based ERC-20 token), or CVC, that participants of the ecosystem use to transact in IDV-related services.
Latest news
August 2 – Upbit listed CVC token (CVCBTC and CVCETH pairs).
What everyone should keep in mind is that after the jump caused by Binance listing we saw a decline which led the pair to the current lows at 0.000021. Current jump to the 0.000045 levels already started to deflate and heading to the 0.0000265 level. Overall, listing on two exchanges during the last months is a positive feedback for the coin; as it gets wider adoption, more capitalization and obviously, that proves that the team is still working on it. Nonetheless, it is highly dangerous to buy the coin at this point, on the pump.
Technicals
From the technical point of view, the price was almost at the 2018 lows before the listing (2018 low – 0.0000153). The pump, which happens because of the price difference between exchanges during the listing, brought the price to the 0.000045 level within an hour, now the price will start to stabilize. Further behavior will be essential for the ones who consider buying this bottom. So, if during the next days CVCBTC will manage to hold above 0.00003 level, that could be considered as a first step for the turnaround of 2018 downtrend. The next steps – 100-DAYS EMA and Bearish Trend Lines. Come-back to the 0.000021 level will be considered as a sign of further fall.
