In the current bearish market sentiment, Nervous Network (CKB) is drawing substantial attention from investors and traders due to its impressive performance and significant whale activity. Over the past few days, while major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have struggled to gain momentum, Nervos’s CKB has surged by an astounding 100%.
CKB Price Momentum
As of the latest data, CKB is trading near $0.0177, experiencing a price surge of over 10% in the last 24 hours. During this same period, its trading volume has soared by 150%, indicating higher participation from traders and investors. This remarkable price surge has enabled CKB to outperform major cryptocurrencies like BTC, ETH, and SOL, showcasing its resilience in the current market environment.
Nervos Network (CKB) Price Prediction
According to expert technical analysis, despite its significant price surge, CKB appears bearish in the short term and may face a price correction in the coming days. Today, CKB’s price has reached a strong resistance level of $0.020, but due to intense selling pressure, it has fallen by more than 15% in the past 12 hours. Based on its historical price momentum, there is a strong possibility that it could fall to the $0.151 level in the coming days to retest its breakout level before rallying again.
On the other hand, if the bullish sentiment continues and CKB breaches the resistance level and closes a daily candle above the $0.020 mark, there is a high chance that it could rise by 25%. However, this bullish thesis will only hold if CKB consistently closes its daily candle above the $0.020 level; otherwise, it may fail. Notably, CKB’s 200 Exponential Moving Average (EMA) suggests that it is in an uptrend as it is currently trading above this indicator.
CKB’s Mixed Sentiment on On-chain Metrics
Currently, CKB’s on-chain metrics present a mixed sentiment. According to the on-chain analytic firm Coinglass, CKB’s future open interest has dropped by 2% over the last 24 hours. This decline in open interest may be attributed to profit-taking, significant long liquidations, and the overall bearish market sentiment.
Conversely, CKB’s Long/Short ratio stands at 1.0012, indicating a bullish market sentiment among traders. This ratio suggests that, despite the bearish pressures, there is still a notable level of optimism surrounding CKB.
