The value of Nervos Network [CKB] experienced a notable upward trend characterized by a significant surge in trading volume. Within a short span, the volume escalated from $5.94 million to $264 million on September 13th.
This surge in volume was accompanied by a 51% rise in price. Subsequently, the token has maintained an upward trajectory. What lies ahead in terms of Nervos Network’s price movement in the upcoming weeks?
Nervos Network Achieves New Highs Since July
The remarkable spike in trade volume on September 13th propelled the token to conclude the trading session 51% higher than its initial position. Following this, it has recorded an additional 14.2% increase.
Observing the daily RSI, it was noted to be above 70, indicating an overbought market condition. Despite the strong bullish momentum, there is a possibility of a price correction.
Consequently, although the Nervos Network price prediction remains optimistic, it may encounter short-term retracements.
The OBV, which had been declining since April, experienced a revival in its upward trend due to the recent price surge. This surge in buying pressure could pave the way for a sustained rally.
Looking ahead, the key resistance levels lie at $0.02 and $0.026.
CKB Shows Confidence in Delivering a Solid Performance
The Open Interest surged from $11.3 million to $104 million on September 14th. This nearly tenfold growth in OI signaled a significant influx of speculators into the market, reinforcing bullish sentiments.
In the short term, this influx of speculative activity could pose a challenge for bulls. The substantial speculative volume accompanying the rally suggests that the price may concentrate on liquidating late long positions instead of maintaining its upward trend.
It remains to be seen whether the market is currently overextended, resembling the situation in mid-April earlier this year.
The Weighted Sentiment indicator reached levels not witnessed in over six months. Despite a recent downward trend in development activity, it remained relatively strong.
In essence, long-term Nervos Network investors can anticipate another rally with confidence, although short-term fluctuations pose a risk.
Disclaimer: The opinions shared in this content do not serve as financial, investment, trading, or any other form of advice. They solely reflect the writer’s perspective.