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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.