CKB Nervos Network price has been on the rise, growing by over 150% in the past 10 days. One of the key factors driving the bullish trend is a breakout from a descending triangle pattern six days ago.
Technical Analysis Suggests a Possible Retracement
Technical analysis shows that RSI is at 81, which indicates an overbought condition, and a retracement might occur before the upward move continues. An RSI reading above 70 is considered overbought, and traders typically start to look for signs of retracement at this point. The 200-day simple moving average acts as support and might hold the price from further dips during a longer retracement.
Fundamentals Show Long-Term Strength
Fundamentals also indicate potential long-term growth for CKB. Crypto analyst Dondara mentioned on X that CKB’s flexible UTXO model and interoperability make it attractive to developers. This feature could lead to increased developer activity in the Nervos Network ecosystem, sustaining the value of its native token CKB in the long run.
Conclusion
The price of CKB Nervos Network has shown an impressive increase, but technical analysis suggests a possible temporary retracement. In the long term, fundamental indicators pave the way for diversified and sustainable growth of the network.
The price of CKB Nervos Network has shown an impressive increase, but technical analysis suggests a possible temporary retracement. In the long term, fundamental indicators pave the way for diversified and sustainable growth of the network.
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