- CKB has exhibited a significant price increase in recent weeks.
- Derivatives data suggest positive sentiment towards CKB.
- Technical analysis supports a bullish outlook for the token.
When writing, CKB’s price has seen a nearly a 130% gain this September from the demand zone. Strong momentum witnessed this September has pierced through the 20-day, 50-day, and 200-day EMA bands effortlessly.
CKB’s price has garnered even more attention with a significant 7% intraday surge. This has pushed its value above the $0.15 mark. When writing, it was sustaining above the supply zone.
Continue reading for more insights on whether CKB’s price will continue to rise.
CKB Price Analysis Intraday
CKB crypto’s market cap has surged this month from $335 Million to $762.55 Million, reflecting a 7% intraday increase. This rise indicates that CKB is being actively purchased at its current price levels.
Additionally, spot volume inflow has jumped by 90% intraday, reaching $147.55 Million, showcasing growing demand for this cryptocurrency.
It has high intraday liquidity, with the volume/market cap ratio standing at 20%. This suggests that CKB crypto can be easily bought and sold on exchanges close to its market value, ensuring hassle-free transactions.
CKB Social Dominance and Development Activity Highlights Optimism
The project boasts a security score of 80.24 and an A-tier security class rating, making it fundamentally sound. CKB crypto’s GitHub account, active for over 6 years and 8 months, has garnered 1800 stars from the developer community.
Nervos Network’s presence on X (formerly Twitter) is robust, with its account being 6 years and 4 months old and having 124.868K followers.
Overall, both development activity and social dominance are on the rise. The growing social presence could positively impact CKB’s price, as increased user participation may drive demand and boost the value of CKB crypto.
CKB Crypto’s Derivative Market Analysis
According to Coinglass, CKB’s OI-weighted funding rates have shown significant improvement, with bearish sentiment decreasing to -0.0204%. This shift indicates growing market optimism, as traders are increasingly betting on CKB’s potential for price growth.
Open interest for CKB crypto has also risen to $62.71 Million, a 2.15% increase from the previous session. The 24-hour long/short ratio stands at 0.9562, suggesting there are more short positions than long ones.
In the last 24 hours, derivatives volume surged by 28.57%, reaching a total traded value of $199.17 Million. This uptick reflects the growing demand for CKB in the derivatives market.
Additionally, $81.67K worth of short positions were opened, while $39.76K in long positions were liquidated intraday. This scenario points to a positive outlook for Nervos Network’s price in the market.
These metrics underscore a strong bullish sentiment for CKB price, confirming the recent intraday price surge. The increase in open contracts and higher short-side liquidations suggest that CKB’s price could continue to rise.
Is CKB Price Aiming for the Moon?
Over the past year, CKB price has delivered impressive returns, surging by 450% and providing substantial profits to its investors.
Recent price movements indicate a bullish reversal, with key support levels established at lower price points. This has created a solid foundation for potential upward momentum.
Additionally, CKB price has broken through significant “change of character” levels, marking a pivotal shift in its trajectory. This breakout was accompanied by a surge in trading volume, reinforcing the strength and reliability of the upward trend.
The combination of rising volume and positive price action suggests a more bullish outlook for the cryptocurrency.
CKB price may find support at $0.0125 and $0.0101. Resistance is expected at $0.0240 and $0.0350. These levels will be crucial in determining the next move for this crypto asset.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
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.