Nervos Network’s CKB token has experienced significant gains recently, reaching two-month highs. The surge in trading volume, from $5.94 million to $264 million on September 13th, accompanied a 51% increase in price. The token has continued to trend higher since then, gaining an additional 14.2%.
The daily Relative Strength Index (RSI) indicated overbought market conditions, suggesting the possibility of a price correction. Despite this, the On-Balance Volume (OBV) showed a revival in buying pressure, potentially setting up a sustainable rally. Key resistances at $0.02 and $0.026 were identified as next targets for the token.
The Open Interest (OI) for CKB rose from $11.3 million to $104 million on September 14th, signaling a tenfold increase and bullish expectations. However, the influx of speculators and speculative volume could lead to short-term volatility and profit-taking, potentially hindering the bullish trend.
The Weighted Sentiment for CKB reached levels not seen in over six months, indicating strong investor confidence for a potential rally. Despite a decrease in development activity in recent months, long-term investors can remain optimistic about the token’s performance. It is important to note that short-term volatility poses a threat to the market.
In conclusion, while the Nervos Network price prediction remains bullish, investors should be cautious of potential short-term pullbacks and market fluctuations. It is essential to conduct thorough research and consider all factors before making any investment decisions.
Disclaimer: The information provided is the writer’s opinion and should not be considered financial, investment, trading, or other types of advice.
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