CKB Price Soars 100% Following Upbit Listing
In an incredible turn of events, the price of the Nervos Network’s CKB token has skyrocketed by 100% just after being listed on Upbit, South Korea’s largest exchange. This listing has come as a ray of hope for CKB, which has faced a lackluster performance since April.
Established in 2018, Nervos Network is an L1 blockchain that has been promoting the technical concept of RGB++ this year.
The South Korean market seems to have expressed a great deal of faith in CKB, leading to a drastic surge in its price and a staggering 1700% increase in trading volume within a single day.
It remains to be seen whether these surges will continue or if profit booking will bring the token’s price back down to reality.
How Has the CKB Price Fared in 2024?
In the first four months of 2024, the price of Nervos Network’s CKB token experienced an astonishing 900% surge, reaching a multi-year high. However, profit booking in early April resulted in a sharp decline in its price.
The CKB token saw a decline of over 60%, entering a pattern of lower lows and lower highs since April.
Eventually, the bearish trend was interrupted near the $0.00700 level, leading to a consolidation period that lasted a month before a resurgence in buyer interest.
A bullish divergence was observed in the RSI, attracting more buyers and causing the token’s price to surge by 100% in an intraday session.
Can the CKB Price Recreate Its Recent Rally?
Following the bearish trend, the CKB token has experienced significant buying pressure, surpassing the 200-day EMA and maintaining its position above it. This could potentially attract further momentum and result in a new 52-week high.
Decilizer (@decilizer), a cryptocurrency analyst, has shared insights on the matter.
The analyst’s post highlights that the support level for the CKB token is currently at $0.0091, with a projected target of $0.023. The increase in trading volume could support bullish momentum.
$CKB is standing firm and bullish today. At this moment, it has locked its support at 0.0091$ and is steadily moving towards our target of 0.023$ with substantial volume. Hoping Bitcoin will stay bullish concurrently.
We’ve monitored an 11x gain rise in the recent rally. pic.twitter.com/w71QAVseMf— Decilizer (@decilizer) September 14, 2024
The future momentum of the Nervos Network crypto may be influenced by Bitcoin’s price movement.
In the previous rally, the CKB token saw an 11x return. If it can maintain its position above the key moving averages, it is possible that it could replicate this rally.
Signs of a Strong Breakout from Trendline – Could the CKB Price Surge Even Higher?
At the time of writing, the price of the Nervos Network crypto was trading at $0.0140, with a market capitalization of $627.82 million and a 24-hour trading volume of $902.89 million.
Based on the technical chart analysis, the CKB token’s price has experienced a breakout from a descending trendline. This breakout has resulted in a 100% surge in a single day, with the token surpassing the 200-day EMA. If it can maintain its position above this key moving average, it is likely to attract investor attention.
On the other hand, if the CKB crypto price falls below the 200-day EMA, strong selling pressure could be anticipated. According to the chart structure, a loss of the $0.00700 support level may lead to profit booking in the long term.
CKB Price Analysis and Forecast
The CKB token’s price has witnessed significant volatility and price movements, accompanied by increased trading volume. A recent bullish spike and favorable technical indicators suggest the potential for further upward momentum. However, caution is advised, as a drop below crucial support levels may result in increased selling pressure. Additionally, monitoring Bitcoin’s price movements could provide further insights into the future direction of the CKB crypto.