Why is Circuits of Value (COVAL) crypto rallying over 22%?

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Why is Circuits of Value (COVAL) crypto rallying over 22%?

 Why is Circuits of Value (COVAL) crypto rallying over 22%?
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Highlights

  • Also known as Circuits of Value, the COVAL crypto is an Ethereum-powered blockchain protocol which allows the users to customise ETH, NFT and ERC-20 tokens into a single tradable token known as Vault.
  • The token on 17 August has been rallying over 22% with a volume gain of over 440% at 7:00 AM (GMT +1), according to CoinMarketCap. 
  • The 465th-ranked token on Wednesday was trading at the US $0.021799 with a trading volume of US $2,25,99,485 over a day, according to CoinMarketCap.

Also known as Circuits of Value, the COVAL crypto is an Ethereum-powered blockchain protocol which allows the users to customise ETH, NFT and ERC-20 tokens into a single tradable token known as Vault.

As blockchain’s first composite token, the COVAL crypto allows the user to trade in as many tokens as they want and transact not just in digital assets, but also in digital files. Using the Proof-of-Work consensus, the COVAL crypto acts as a decentralised network which is free from intermediaries and can operate freely. 

The token on 17 August has been rallying over 22% with a volume gain of over 440% at 7:00 AM (GMT +1), according to CoinMarketCap. 

Why is COVAL crypto rallying? 

The exact reason for the COVAL crypto’s rally is still hard to determine, but it has witnessed rallies of over 79% and over 84% in the past 14 days and 7 days respectively, according to CoinGecko. It may be due to the exchange listing that the token has seen with the latest one being on Coinmetro. The rally may be dubbed as significant considering the recent it’s among the few of them who have done well amid a bearish run. 

The COVAL crypto on 17 August its RSI showed an inverted V-shaped performance after it being in the overbought zone. The RSI of the COVAL stood at 61.56 during the intraday trading session on Wednesday. 

Image credit: Trading View

However, the MACD on the other hand is still showcasing a strong momentum with the MACD line rising well above the signal line. Even though the momentum over the past fortnight has been more or less sideways, the sudden spike on 16 August has helped it to reduce some of the losses it had faced earlier. 

How is COVAL crypto faring? 

The 465th-ranked token on Wednesday was trading at the US $0.021799 with a trading volume of US $2,25,99,485 over a day, according to CoinMarketCap. This unique token was enjoying a live market cap of US$3,89,44,553 with 1,78,65,12,759 COVAL coins in circulation. 

Even though the performance of the COVAL crypto has been impressive of late, the market participants would do well in their market research to ensure they have the facts in order and not take a decision based on hearsay or wrong assumptions. With the crypto markets being a risky asset, studying trends would help the investors to make the right decision. 

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