Can CKB Reach New All-Time High? | Credit: Hameem Sarwar
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Key Takeaways
The CKB price reached a high of $0.038 on April 10 but fell slightly afterward.
CKB has reached its final horizontal resistance area and is 45% below its all-time high.
Can CKB push through and reach a new all-time high price in April?
Nervos Network has performed admirably since the start of 2024. The increase is especially notable in April, where CKB is the biggest gainer from the top 100 cryptocurrencies. As the CKB price approaches its all-time high, the question on everyone’s mind is if it can break it this month.
CKB Leads April Gainers
The weekly time frame outlook for CKB shows that the price has increased rapidly since the start of February 2024. After briefly correcting in March, CKB initiated another upward movement in April and has increased over 55% since. On April 10, the price reached a high of $0.038 before falling slightly.
CKB has already reached the final horizontal resistance area at $0.035, created by the highest-ever weekly close. The all-time high of $0.044 is 45% above the current price.
CKB/USDT Weekly Chart | Credit: TradingView
Technical indicators give a mixed reading. The MACD is bullish, trending upward with momentum. However, the RSI is deep in overbought territory and has generated bearish divergence (green), a sign of a potential top.
As a result, looking at a lower time frame is required to determine the future trend’s direction.
CKB Price Prediction: When Will it Reach a New All-Time High?
The technical analysis from the 3-day time frame indicates that the CKB price nearing the top of an extended wave three in a five-wave upward movement (white). The sub-wave count is in black, which shows that the price is in the fifth and final sub-wave.
The two most likely targets for the top of the movement are at $0.039 and $0.048, respectively. They are found by the 2.61 and 3.61 Fib extensions of sub-wave four.
CKB/USDT 3-Day Chart | Credit: TradingView
While the first target will not represent a new all-time high, the second one will. Since wave three has already extended significantly, a considerable price correction is expected once the CKB price completes wave three.
Correction Expected Despite All-Time High Possibility
The CKB price has been one of the biggest cryptocurrency gainers in April, increasing over 55%. The price faces only one more resistance until it reaches a new all-time high. Despite this positive prediction, the upward CKB movement is nearing its end, and a significant correction could ensue once it does.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
