- CKB surged by 150% in the past 15 days, with technical indicators pointing to a potential bullish reversal despite earlier downtrends.
- Despite a 15% decline in open interest and reduced trading volume, key indicators like MACD and RSI suggest growing bullish momentum for the token.
Nervos Network (CKB) has caught investors’ attention with its impressive growth over the past year. Despite the recent fluctuations, the token has delivered substantial returns to them.
The token’s price action, technical indicators, and market performance have suggested a shift in momentum. All these signals point out that the CKB price can see potential bullish trends in the near future.
CKB Price Market Trend Overview
Over the past year, the CKB price has delivered remarkable returns, gaining 470% and rewarding its investors with significant profits. The token was trading at $0.01606 when writing, reflecting a 7.8% decline within 24 hours. Despite this dip, CKB has maintained a strong position in the cryptocurrency market.
The CKB crypto ranked as the 87th largest cryptocurrency by market capitalization. With a market cap of $721.672 Million, the token held a market dominance of 0.03%. This level of market presence highlighted the significance of the token within the broader crypto ecosystem.
CKB’s supply inflation rate has advanced to 6.33%, a medium-level inflation rate. This increase has led to a circulating supply of 44.932 billion CKB tokens. This has pushed the fully diluted market capitalization to $639.123 Million.
Despite its strong market standing, the CKB price has experienced notable fluctuations. The token’s volatility rate was 32.48%, suggesting a somewhat unpredictable price movement.
Investor sentiment appears neutral, with the Fear and Greed Index at 54. It indicated neither a particularly optimistic nor pessimistic outlook.
CKB Crypto Derivatives Witnesses Decline In Trading Activity
The open interest in the CKB crypto experienced a notable decline of over 15%. This dropped to a value of $68.0 Million. This decrease signaled a waning interest among investors and traders, reflecting a shift in sentiment toward the token.
Additionally, the CKB crypto saw a significant reduction in its trading volume, plummeting by 32% to $130.364 Million. Despite this, the token maintained strong liquidity, as indicated by its volume-to-market cap ratio of 19.71%. It highlighted the continued ease of trading.
However, while the spot market witnessed a surge in volume, derivatives volume dropped by 24% in the last 24 hours. It still amounted to a substantial $235.97 Million. This shift in volume suggested a cooling off in derivatives trading activity.
Furthermore, long and short liquidations in CKB were recorded at $383.29K over the past 24 hours. This indicated a tug-of-war between buyers and sellers, contributing to the price dynamics during the period.
Where Does CKB Token Stand on Technical Charts?
The crypto has surged by over 150% in the past 15 days, marking a significant recovery. Despite this impressive rally, the CKB price had followed a strong downtrend. This was characterized by the formation of lower lows on the chart.
Recent price action, however, suggested a shift in momentum. The token’s price structure showed signs of a bullish reversal, supported by establishing key support levels at lower price points. This newfound stability has provided a solid foundation for the token’s potential upward movement.
Additionally, the CKB price broke through crucial “change of character” levels, signaling a turning point in its trajectory. This breakout was accompanied by a surge in trading volume, reinforcing the strength and reliability of the upward trend. The rising volume and price action combination suggested a more bullish outlook for the token.
Technical Indicators Reversing To Bullish Side On CKB Chart
The 50-day and 200-day EMAs formed a death cross. Despite this, the CKB crypto price broke out above these moving averages. This breakout signaled a potential shift in momentum, increasing the likelihood of a golden cross in the near future.
CKB/USD Chart by TradingView.com
Technical indicators were reinforcing this bullish outlook. The MACD indicator has flashed a strong buy signal, with both the MACD line and the signal line advancing into bullish territory. Additionally, the histogram showed consistent bullish formations, further confirming the positive trend.
The RSI has also surged into the overbought zone, trading at 77.17 at the time of writing. A breakout above the 14-day SMA accompanied this rise. It suggested a continuation of bullish price momentum in the near term.
In terms of support and resistance levels, the CKB price may find support at $0.00280 and $0.00620. In contrast, resistance is expected at $0.020 and $0.0340. These levels will likely be crucial in determining the token’s next move.
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.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.