Nervos (CKB) Stuns Crypto Market With 120% RallyIs This Growth Sustainable?
As of September 18, the broader crypto market has risen a percent as major cryptocurrencies like Bitcoin and Ethereum featured their return to pre-September levels. This bullishness bled to the altcoin market, prompting many tokens to follow the trend. Nervos (CKB) is one of those tokens that experienced astonishing growth with a 120% uptick, outperforming the broader market.
Although CKBs gains in the short term have been great, the long-term implications of such price movements are still important for investors and traders. The markets current bullishness might continue for the broader community, but CKBs performance long-term might be in question.
Nervos: Breakthrough Halted By Resistance
The token has gained control of the $0.015 support level for an attempted breakthrough on the $0.0198 resistance. However, the latter has held its ground against the bulls in the short term, potentially putting the gains made in the past few days in jeopardy.
CKBs position in the short term is threatened by this rejection as the tokens trajectory might push CKB well below its $0.015 support level. If this occurs, it will represent a sudden flip in the short-term outlook of investors and traders.
The relative strength index (RSI) gives a clue as to where the token is heading. As of writing, the RSI points to a majority bull market for CKB, pushing the narrative that the token will continue upward. It also shows that the momentum of CKBs market is on the side of the bulls.
If the token continues to get rejected by this crucial resistance level, the tokens momentum will eventually side with the bears flipping gains to losses. Once this occurs, CKBs trajectory will touchdown on $0.0114 in the short term.
Nervos Network (CKB) Market Support
Supported Market: KRW, BTC, USDT Market Trading opens at: 2024-09-13 17:00 KST (estimated time)
Discover more:https://t.co/Zys7A2zGTj#Upbit #CKB pic.twitter.com/V6vdR8CVG8
Upbit Korea (@Official_Upbit) September 13, 2024
Upbit Lists CKB Trading Pairs And Other Developments This Week
Upbits official X accounts have announced this week that CKB is now supported on the trading platform. The South Korean crypto exchange lists three CKB trading pairs, namely CKB/KRW, CKB/BTC, and CKB/USDT, upping the liquidity of the token in the long run. This will lead to bigger exposure to the Korean market.
Digital assets on Nervos, through the imagiNation.market, are given new life as the latter is now listed on JoyID, a crypto wallet provider on Bitcoin. Although digital collectibles activity on Nervos is quite low, we can expect this development to contribute positively in the coming days or weeks.
With the markets general bullishness, we can expect the token to perform well in the short term even if it might face retracements in the coming days.
Featured image from Facts.net, chart from TradingView
Text source: NewsBTC
