As a seasoned crypto investor with a knack for spotting trends and navigating market volatility, I must admit that the meteoric rise of Nervos Network (CKB) has caught my attention. The past month’s 140% rally is certainly impressive, particularly when considering its trading at $0.018 – a level not seen since June.
Over the last week, the native currency of the Nervos Network experienced significant increases, however, its upward momentum appears to be slowing down.
Over the last month, Nervos Network (CKB) has risen to the top of the group of the 100 major cryptocurrencies, with a significant surge of approximately 140%. Remarkably, in just the past day, its value increased by 19%, and at the moment of this writing, it is being traded at $0.018 – which is its highest point since June.
CKB’s market cap is currently sitting at $829 million with a daily trading volume of $573 million.
According to an article from crypto.news, the price surge for CKB began on September 13 following its listing on the prominent South Korean exchange, Upbit.
As per the data from Santiment, the positive sentiment surrounding the Nervos Network has been gradually decreasing since September 15th. Similarly, the network’s social activity also saw a drop following a significant peak on September 13th.
The data from our market analysis tool indicates that the funding rate for CKB dropped significantly to -2.37% following the Upbit announcement. Due to the mass liquidation of short positions, the token’s price experienced remarkable growth.
On the other hand, the funding rate for the Nervos Network stands at 0.2% at present, indicating a substantial rise in long trades.
According to data from Santiment, the total open interest for CKB has reduced by approximately 22% in the past three days, dropping from $90 million down to $70 million.
Although there has been a recent price adjustment, Nervos Network’s open interest remains significantly elevated. On September 12th, the open interest for CKB was approaching the $7 million level prior to its listing on Upbit.
At this point, liquidations could push the CKB price down.
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2024-09-18 09:48