Home / Analysis / Crypto / Technical Analysis / Nervos Network Paces Crypto Market With 55% Growth in April – Can CKB Price Reach New All-Time High?

Nervos Network Paces Crypto Market With 55% Growth in April – Can CKB Price Reach New All-Time High?

Last Updated April 12, 2024 12:23 PM
Valdrin Tahiri
Last Updated April 12, 2024 12:23 PM

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 Price Approaches All-Time High
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 Price Wave Count
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.

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