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Nervous Network ($CKB) has outperformed major cryptocurrencies like $BTC, $ETH, $SOL, and other top tokens.
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Despite an impressive price surge, $CKB appears bearish in the short term and may face price correction in the coming days.
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$CKB’s future open interest has dropped by 2% over the last 24 hours, likely due to profit-taking and significant long liquidations.
In this bearish market sentiment, Nervous Network ($CKB) is gaining significant attention from investors and traders due to its impressive performance and substantial whale activity. In recent days, while other major cryptocurrencies including Bitcoin ($BTC), Ethereum ($ETH), and Solana ($SOL) have struggled to gain momentum, Nervos’s $CKB has skyrocketed by 100%.
$CKB Price Momentum
At press time, $CKB is trading near $0.0177 and has experienced a price surge of over 10% in the last 24 hours. During the same period, its trading volume has skyrocketed by 150%, indicating higher participation from traders and investors.
With its impressive price surge today, it has outperformed major cryptocurrencies like $BTC, $ETH, $SOL, and other top tokens.
Nervos Network ($CKB) Price Prediction
According to expert technical analysis, despite experiencing a significant price surge $CKB appears bearish in the short term and may face price correction in the coming days.
Today, $CKB’s price has reached its strong resistance level of $0.020 level, but due to strong selling pressure, it has fallen more than 15% in the past 12 hours. Based on its historical price momentum, there is a strong possibility it could fall to the $0.151 level in the coming days to retest its breakout level before it rallies hard.
On the other hand, if the bullish sentiment continues and $CKB breaches the resistance level and closes a daily candle above the $0.020 level, there is a high chance it could rise by 25%. Moreover, this bullish thesis will only hold if $CKB closes its daily candle above the $0.020 level, otherwise, it may fail.
However, $CKB’s 200 Exponential Moving Average (EMA) suggests that it is in an uptrend as it is trading above the indicator.
$CKB’s Mixed Sentiment on On-chain Metrics
As of now, $CKB’s on-chain metrics flash a mixed sentiment. According to the on-chain analytic firm Coinglass, $CKB’s future open interest has dropped by 2% over the last 24 hours. This decline in the open interest may be attributed to profit-taking, significant long liquidations, and the overall bearish market sentiment.
On the other hand, $CKB’s Long/Short ratio currently stands at 1.0012, indicating bullish market sentiment among traders.
