Since steep declines took place in mid-November, Civic has been finding support around the $0.046 level.
The blockchain identity company was founded by one of the sharks on Shark Tank, Vinny Lingham.
Civic has been underperforming the top cryptocurrencies over the past few months.
Most of the top cryptocurrencies formed their USD yearly lows in mid-December before undergoing a price rise.
However, Civic only formed its price low this week after testing the $0.046 level numerous times.
After finally breaking below, Civic quickly found buyer liquidity and has been spiking since.
Civic is the top performer over the past 24 hours with the exception of Ark.
Data from Messari shows the price of Civic increasing 16.61% over the past 24 hours, outperformed only by Ark which has increased 30.62%.
Civic is currently ranked outside of the 100 cryptocurrencies by market cap despite the price increase.
Whether the project can sustain the increase remains to be seen with many analysts questioning the need for a native token on an identity verification platform built upon blockchain.
- Vinny Lingham’s Civic project is the top performing cryptocurrency with the exception of Ark.
- After dropping below support at $0.046, the price quickly found buyer liquidity and spiked.
- Whether the price rise can continue remains to be seen.
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