- Nervos Network witnessed a huge surge in its trading activity recently.
- The CKB token had huge liquidity based on its market cap.
For a long time, the Nervos Network (CKB) crypto was trading in a narrow zone with the formation of small candlesticks. However, in the past 24 hours, the CKB price met a fortune, breaking above the significant level with a strong surge.
Will the CKB price meet new highs by keeping the upward momentum consistent? Let’s find out.
CKB Price Sees Strong Growth Amid Volatility
When writing, the Nervos Network was the 96th largest cryptocurrency with a market cap of $626.165 Million. This significant market presence allowed the token to hold a market dominance of 0.03%.
Despite its strong standing, the CKB price displayed considerable fluctuations, with a volatility rate of 11.26%. The Fear and Greed Index stood at 50, indicating neutral sentiment among investors.
Over the past year, the CKB token delivered impressive returns of 415% to its investors. At the time of reporting, the token was trading at $0.1394, marking a 36% increase in the last 24 hours.
The supply inflation of the CKB crypto was 4.84%, which is considered medium. This resulted in a circulating supply of 44.932B CKB, which resulted in a fully diluted market cap of $639.123M.
Let’s Take A Deeper Look Into Nervos Network Derivatives Data
The Nervos Network token witnessed an advance of 750% in its traded volume, resulting in a value of $892.977M. This resulted in strong liquidity as the token’s volume/market cap ratio was 144.7%.
Following the surge in spot volume, the derivatives volume witnessed a surge of 1400% in the last 24 hours. This resulted in a huge trade value of $2.01B.
The open interest in the token also witnessed a huge surge of more than 200%, surpassing a value of $100.0M. It showed a rise in the interest of investors and traders for the token.
Moreover, huge short liquidations were recorded in the token, which was worth $1.58M in the last 24 hours. This indicated the buyers’ strong dominance in the CKB price.
Huge Spikes In CKB Token’s Technical Price Chart: Where Is It Heading To?
The CKB crypto has surged over 150% in the last 15 days. Additionally, the price followed a strong downtrend followed by the formation of lower lows on the chart.
If we further look into the most recent price action, the CKB price structure seems to be changing to bullish. This was followed by the formation of support at the lower levels.
The token price further broke out above the crucial change of character levels, followed by a strong surge in volume. This showed strength and reliability.
Does CKB Crypto’s technicals support the buying sentiment?
Following the prior trend in price, the 50-day and the 200-day EMAs traded in a death cross. Despite this, the CKB crypto price broke out above the following EMAs. This showed a higher possibility of a golden cross in the future.
CKB/USD Chart by TradingView.com
The MACD indicator showed a strong buy signal as the MACD and the signal line advanced to the bullish trajectory. The histograms further formed on the chart were strongly bullish.
The RSI advanced to the overbought zone and traded at 77.17 at press time. This was followed by a breakout above the 14-day SMA, which showed a surge in bullish price momentum.
The CKB price might take support at $0.00280 and $0.00620, followed by the resistance levels of $0.020 and $0.0340.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
