CNPY rises 80% after squeeze and tests support level

CNPY, the token behind an open source AI project, is showing a striking price movement according to analyst Daan Crypto Trades. After a strong squeeze of more than 80% from a compressed point, the price retested the support level. That level held, and the analyst remains positive as long as the price stays above it.

In brief:

• CNPY rose more than 80% after a squeeze from a compressed price range
• After the rise, the price retested the support level, which has so far held
• Analyst Daan Crypto Trades remains positive above the support level, partly thanks to interest in open source AI

Strong rise followed by a retest

Daan Crypto Trades notes that CNPY is one of the few coins to have shown a solid advance after launch. From a compressed price range came a rise of more than 80%, after which the price returned towards the previous support level.

He does not see that pullback as a sign of weakness. The price retested the support level and showed a clear reaction to it. As long as CNPY remains above that level, he sticks to his positive expectation.

Open source AI as a driving force

Besides the technical setup, Daan Crypto Trades points to the broader interest in open source AI as a favourable factor for CNPY. The growing popularity of so-called vibe coding, in which users use AI to build software quickly without in-depth programming knowledge, creates additional demand for this type of project, according to him.

On the OKX price chart, CNPY is trading around $0.4160 on 21 September, having previously peaked above $0.65. The support level sits around $0.37 to $0.38, and for now that area counts as the key zone for the further price trajectory.