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On September 13, the Nervos Network was listed on South Korea’s largest exchange, Upbit, supporting KRW, BTC, and USDT supporting pairs. It came as positive news for the $CKB price because it has not performed well since April.
Nervos Network ($CKB) is an L1 blockchain established in 2018 and has promoted the technical concept of RGB++ this year.
The South Korean whales have shown their trust in the $CKB crypto and lifted its price by 100%. Its trading volume also went up by 1700% in a day.
Will these surges continue, or the token will face profit booking? Let’s find out.
How the $CKB Price Has Performed in 2024?
During the initial 4 months of 2024, the Nervos Network ($CKB) price surged by 900% and recorded a multi-year high. However, profit booking during the first week of April triggered a price fall.
The $CKB price declined more than 60%. It has dropped by forming lower lows and lower highs since April.
The bearish trend was eventually interrupted near the $0.00700 hurdle. After that, the price consolidated for a month at that level, and then buyers claimed victory.
Here, the RSI generated a bullish divergence, which attracted buyers. The increased presence of buyers has led to a 100% surge in the intraday session.
Can $CKB Price Repeat the Recent Rally?
After the bearish trend, the $CKB crypto price has witnessed intense buying pressure. It surpassed the 200-day EMA and then sustained there. That might invite buyers for further momentum and it may also record a 52-week high.
Decilizer (@decilizer) is a cryptocurrency analyst who has shared his opinion on X.
The post highlights that the price has locked the support level of $0.0091. Moreover, it can achieve the $0.023 target. The rise in trading volume may 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.
— Decilizer (@decilizer) September 14, 2024
We've monitored an 11x gain rise in the recent rally. pic.twitter.com/w71QAVseMf
Bitcoin price may play a vital role in the further momentum of Nervos Network crypto.
In the previous rally, the $CKB token’s price witnessed an 11x return. It may repeat the rally once it is sustained over the key moving averages.
Strong Breakout from Trendline Spotted, Can $CKB Price Shoot Up Further?
When writing, the Nervos Network crypto price traded at $0.0140. Its market capitalization was $627.82 Million, and the 24-hour trading volume was $902.89 Million.
Track all markets on TradingViewBased on the technical chart, the $CKB price has triggered a breakout from a descending trendline. After the breakout, the $CKB surges around 100% in a day while surpassing the 200-day EMA. If the digital asset price manages to sustain over the key moving average, it will gain investors’ attention.
In contrast, if the $CKB crypto price slips below the 200-day EMA, strong selling pressure can be anticipated. As per the chart structure, we may see profit booking for the long term if the price loses the $0.00700 support.
$CKB Price Analysis and Forecast
The $CKB price has experienced significant volatility and price movements, with a surge in trading volume and price. A recent bullish spike and technical indicators suggest a potential for further upward momentum. The price must sustain over key moving averages, and thus, it might get bullish.
However, it’s important to remain cautious, as a drop below certain support levels could lead to increased selling pressure. Keeping an eye on Bitcoin’s price movements may also provide additional insights into the potential future direction of $CKB crypto.