CKB defies bearish market conditions, reaches 3-year high

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Despite a bearish cryptocurrency market, the native currency of the Nervos Network, CKB, has hit a new three-year high in price.

CKB has experienced a 13.2% increase over the past 24 hours and is currently priced at $0.035. This price point was last reached in March 2021. With a market capitalization of $1.55 billion, CKB now ranks as the 69th largest cryptocurrency.

The daily trading volume of CKB recorded a 2.6% hike, reaching $313 million.

Based on Santiment’s figures, the total open interest of CKB decreased by 6.8% in the last 24 hours, going from $70.17 million to $65.38 million. This decrease in open interest implies that the price swings for this asset may be less pronounced moving forward.

Additionally, the data reveals that the overall funding rate for CKB, as calculated by CKB, increased from 0.011% to 0.019% within the last 24 hours. This figure indicates that traders continue to place wagers on a potential price increase for CKB, with the cryptocurrency currently approaching its peak price after three years.

If the cost of CKB goes up significantly again, traders with short positions may be forced to buy back their assets, leading to a larger number of these positions being closed.

According to Santiment’s data, the CKB Relative Strength Index (RSI) increased from 69 to 73 in just one day. This suggests that the asset is now slightly overbought, implying that some investors may consider selling to secure profits at its current price level.

CKB’s RSI would need to drop below the 60 mark for it to remain in the bullish zone. 

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2024-04-10 10:17