Nervos Network (CKB) Soars 140% in September, More Gains Expected
CKB is one of the best performing larger cryptos as it gained over 100% in September. Will the momentum continue?
Key Takeaways
- CKB surged 117% after Upbit listing on Sept. 13.
- Trading volume hit $418 million within 24 hours post-listing.
- Momentum continues, with CKB spiking another 20% on Sept. 18.
Nervos Network’s (CKB) price recovered staggeringly after months of declining price action. After establishing support at $0.0070 from Aug. 5 to Sept. 5, we saw the beginning of a new bull phase, with the price shooting up by 117% in a single day on Sept. 13.
Although the momentum decreased, the upward trajectory continued, and CKB spiked by another 20% today. Despite the parabolic rise, it looks like there is more upside ahead, but for how long?
What’s Driving the Rise?
Nervos Network (CKB) saw a significant surge following its listing on Upbit, one of South Korea’s largest crypto exchanges, on Sept. 13, 2024. The announcement led to a sharp increase in trading activity, with Nervos dominating the market, reaching $418 million in volume in just 24 hours.
This push drove CKB’s price up by over 100%, with market sentiment fueled by the anticipation of greater adoption in the Korean market. The strategic Upbit listing positioned CKB for substantial growth and visibility in the global crypto landscape.
CKB Price Analysis
On Aug. 5, the price of CKB landed at $0.0062, its lowest point since February. This concluded its descending triangle, formed from the yearly high of $0.038 on April 12. A new bullish phase began with CKB first making a high of $0.010, followed by a slightly higher low of $0.0075 on Sep. 5.
From there, it advanced further, breaking out from its descending resistance and spiking to a high of $0.020 today, Sept. 18. The momentum is slowing down, as evident from the ascending triangle being formed and resistance being encountered.
In the short term, we see a decrease to $0.013, the significant horizontal resistance area that is now likely to be tested for support. According to our count, the expected decline could be its wave four out of the five-wave impulse, resulting in one more higher high upon its completion.
If this happens, CKB could be poised for another advancement, ending its five-wave rise at around $0.022.
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