Nervos Network began its journey into space with a bearish note and consolidated for a while before jumping high. As soon as the 2021 bull run kicked off, the asset quickly ranged high and reached the peak but much before the May crash, the asset began shedding its gains. Very soon it approached its initial levels but flipped to some extent and maintained for some time.
However, the start of Q4-2022 was extremely bullish where-in the price gained more than 200% and marked its highs above $0.03. Woefully, like many other assets, the CKB price is also following a deep downtrend ever since then and now appears to have cemented around the current levels at $0.015.
Will the CKB price plummet and add up another zero or will it gain enough strength to hit immediate resistance? Let’s see
The CKB price nowadays is trending within a very narrow channel and is unable to surpass the upper levels at $0.01585. Moreover, with the recent surge, the CKB price has just tested and cleared the crucial resistance at 200-day MA in STF. Despite a couple of attempts to drag the price down, the asset remains above these levels manifesting its tendency to maintain a strong uptrend.
|Short-Term||The CKB price appears to have utilized all its resources and surged high. Therefore a fair chance of the price getting exhausted surfaces the waters.|
|Mid-Term||The asset is surging towards the north slowly yet steadily and currently, no possibility of a pullback are witnessed|
|Long-Term||In the long-term, the asset is swinging within a very narrow region which may be carried forward for another couple of days|
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|Technical Indicators||Value(1Hr / 1D)||Action(1Hr / 1D)|
|StocasticI(StochRSI)(14)||91.6 / 92.34||Overbought / Overbought|
|MACD(12,26)||0.9 / -0.001||Neutral / Sell|
|Average True Range(ATR)(14)||0.0001 / 0.0013||Less Volatility / Less Volatility|
|Average Directional Index(14)||44.1 / 32.975||Buy / Sell|
|Bull/Bear Power(13)||0.0001 / -0.0024||Buy / Sell|
|Pivot Levels||Short Term||Long Term|
The CKB price is extremely bullish in the short term while the long term showcases a converse trend. The StochRSI is approaching the overbought levels in HTF whereas in STF it’s swinging within these levels from a couple of hours. And hence a clear indication of a short-term pullback may be expected. While the MACD displays a decent buying volume is getting accumulated in both time frames.
ATR displays less volatility in both the time frames and hence no drastic change in price in either direction may be seen. ADX which shows the strength of the rally diverted towards the north in STF indicating the asset gaining strength. However, in the HTF, ADX is plunging towards the south signifying a weakening rally. Also, the bulls appear a little strong now but in long term, bears are expected to capitulate to the market.
Coming to the pivot levels, the CKB price is appearing in a strong position in the short term as it has successfully surpassed the 50- day & 200-day MA levels in STF. And further, it may aim to test these levels in the long term as now one can expect bulls jumping in. Once done, the resistance in both the time frames may be tested one after the other. However, the resistance in the longer time frame is pretty high, and achieving these levels may ignite yet another bull run.
Additional Read: Nervos Network CKB Price Prediction
After the drastic fall on 21 & 22 Jan, the asset had shed a large chunk from its value. And ever since then, the CKB price is swinging within a very narrow range. Despite a huge influx on buying volume at a certain point, the asset failed to break through the consolidation to range high. However, no such possibility of a massive spike is witnessed and therefore the asset is expected to accumulate for some more time.
Source: Tradingview Date: 04-02-2022 Time: 3:42 pm
The Nervos Network began the monthly trade on a bullish note and rallied high to hit the monthly highs at $0.01604. However, very soon, the asset began to consolidate and finally fell into a descending trend. After revisiting the lows close to $0.01420, the buyers jumped in to uplift the price towards the current levels. No doubt the sellers have become slightly active currently, but the buyers may not have been exhausted as of now!
The CKB price is $0.01517 with a jump of nearly 4.24% compared to the previous day’s close. However, the trading volume remains depleted by 14.57% and as the price is maintaining its upwards trajectory, the sellers might have remained aloof. Yet the market cap at the press time jumped by more than 4% recording levels very close to $500 million.
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