As a seasoned crypto investor with a knack for spotting promising altcoins and a penchant for navigating market volatility, I find myself intrigued by Nervos (CKB). This token has been on my radar for quite some time, and its recent surge has caught my attention.
Starting from September 18th, the overall cryptocurrency market has seen a 1% increase, with major coins such as Bitcoin and Ethereum returning to their pre-September values. This optimistic trend extended to the altcoin market, causing numerous tokens to mirror this movement. One of these tokens that notably surged is Nervos (CKB), experiencing an impressive 120% rise which outpaced the broader market’s growth.
While CKB has experienced substantial short-term profits, it’s crucial for both investors and traders to consider the potential long-term effects of these price fluctuations. The market’s current optimism could persist across the community, but there may be doubts about CKB’s performance in the long run.
Nervos: Breakthrough Halted By Resistance
The token has managed to maintain a position above the $0.015 support, attempting to break through the barrier at $0.0198. Yet, this resistance level has proven strong and resilient against the bulls’ advance in the immediate future, which could threaten the gains made over the past few days.
In my research perspective, the near-term stability of CKB appears to be at risk following this rejection. The token’s trend might drive CKB significantly below its $0.015 support line. If this happens, it would signify an unexpected shift in the short-term sentiment among investors and traders.
The Relative Strength Index (RSI) suggests a predominantly bullish trend for CKB, hinting that the token may keep rising. At present, the RSI indicates that the bulls have the upper hand in CKB’s market momentum.
If the token consistently fails to break through its significant resistance point, it’s likely that the bears will take over, turning potential gains into losses. In such a scenario, the near-term value of CKB could drop down to approximately $0.0114.
Nervos Network (CKB) Market Support
Supported Market: KRW, BTC, USDT Market
Trading opens at: 2024-09-13 17:00 KST (estimated time)
Discover more:#Upbit #CKB
— Upbit Korea (@Official_Upbit) September 13, 2024
Upbit Lists CKB Trading Pairs And Other Developments This Week
This week, Upbit’s X account representatives have announced that they now support trading for the Curve DAO Token (CKB) on their platform. The South Korean cryptocurrency exchange has listed three CKB trading pairs: CKB/KRW, CKB/BTC, and CKB/USDT. This move is expected to increase the token’s liquidity in the future, providing more opportunities for it to be visible within the Korean market.
On the blockchain platform Nervos, the revitalization of digital assets occurs through imagiNation.market, which has now been listed on JoyID, a well-known provider of crypto wallets that operates within the Bitcoin network. Despite the current low activity in the digital collectibles market on Nervos, this latest move is expected to have a positive impact in the near future.
Given the overall optimism in the market, there’s a good chance the token will deliver strong results in the near future, despite potential short-term pullbacks that could occur in the near future.
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2024-09-19 04:41