The Nervos Network (CKB) token showed significant growth on Friday, September 13, reaching a value of $0.018, its highest level since June 7, 2024.
Nervos Network Key Achievements
The Nervos Network (CKB), a layer-2 technology, attracted investor attention in anticipation of further purchases by South Korean traders following its listing on Upbit. Traders can now buy the token using US dollars, South Korean won, or Tether (USDT).
South Korean Traders Activity
According to data from CoinMarketCap, South Korean traders were among the most active, driving the token's price higher. The CKB/KRW trading pair recorded a 24-hour trading volume of over $170 million on Upbit, followed by Binance with over $122 million.
Short-term Token Prospects
On the daily chart, the CKB token formed a 'God candle,' rising to $0.018 after forming a falling wedge chart pattern, a popular bullish signal. However, such sharp price jumps often prove short-lived. For instance, the Alpaca (ALPACA) token surged by over 150% after being listed on WhiteBit in August, but its value has since declined by more than 44% from its peak. Analysts expect that Nervos Network might pull back and test the $0.01 level, a nearly 40% drop from the current price.
Nervos Network token shows significant growth with support from South Korean traders. However, considering past cryptocurrency fluctuations, a short-term price pullback is possible.
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