1. Support and Resistance Levels Hold Key to CKB’s Next Move
2. Bullish Momentum Hinges on Resistance Break
3. Pattern Signals Imminent Breakout

Crypto analyst CryptoJobs3 provided an update on Nervos Network’s (CKB) price action, offering insights into its current consolidation and potential future trends.

Support and Resistance Levels Hold Key to CKB’s Next Move

CryptoJobs3 highlighted two critical zones: the support zone between $0.01600 and $0.01650 and the resistance zone around $0.01900 to $0.01920. Strong purchasing interest at this level is shown by the price bouncing several times off the support zone. But with sellers defending the $0.01900 zone, the resistance zone has turned away price increases. CKB is currently merging between these two zones to indicate market uncertainty.

Bullish Momentum Hinges on Resistance Break

The analyst expressed optimism for a bullish continuation if the price successfully breaks through the $0.01900 to $0.01920 resistance zone. A breakout above this level could push the price toward $0.02200 and even $0.02500 in the medium term. However, CryptoJobs3 also warned that failure to break through the resistance could lead to a retest of the lower support zones, particularly around $0.01600.

Pattern Signals Imminent Breakout

CryptoJobs3’s chart analysis also features a descending broadening wedge pattern, a bullish reversal signal. This trend implies that CKB is at a turning point whereby a breakout might occur in any direction. Should the price surpass the wedge, it would seek higher levels and fit the optimistic situation described by CryptoJobs3. Conversely, if the price breaks below the wedge, a retest of the key support at $0.01550 or lower could be expected.

The current consolidation of CKB between key support and resistance levels indicates market uncertainty. Future price movements will depend on the ability to overcome the mentioned critical zones.