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- 1 After the recent bullish rally in CKB price, it is facing a brief sell-off
- 2 CKB price made a downtrend of 30%
The current CKB price is $0.004 with a change in 24-hour trading volume of 57%. The Nervous Network price is down 1.03% in the last 24 hours The CKB Nervous is a layer 1, proof of work public blockchain protocol of the Nervous Network (named after the body’s nervous system). As a store of value across the nervous network, the CKB layers have a generalized cell model in which each cell can store an executable code,a smart contract, or other pieces of content on the blockchain. The Nervous Network’s cell model mimics the Bitcoins UTXO model.
CKB price taking a bearish correction
Nervous Network’s price after giving a very bullish rally of 70% has changed its trend in the favour of the bears by giving a downtrend of 30%. Although the price did make a strong bullish candle showing the buyer’s interest in this token, bears seem to be taking control back according to the ongoing price action as observed.
Technical Analysis (1-day timeframe )
The price is currently taking support from the 20 EMA around the price of $0.0046 while trading just above the 200 EMA where all the other key moving averages are trading below it. After crossing the 200 EMA Nervous Network’s price gave an extremely bullish move of 70% but currently, the downward curve of price with a 30% move is suggesting the price is coming back for a pullback.
Nervous Network price is currently taking support from the price of $0.0046 while its next support level is around $0.0040 and the major resistance level for Nervous Network is around the price of $0.0070.
The RSI line is trading near its support zone around the median line at point 53.56 from which it has taken support previously a few times while trading below the 14 SMA which is trading around the 64.86 level. The RSI curve suggests that it might soon start moving toward the supply zone.
Conclusion
As can be concluded from the above analysis Nervous Network’s price is taking a severe resistance while its strong bullish move before shows that the buyers are showing interest in this token. It has good fundamental value and the price is trading at the overall beginning of the bull trend as can be estimated by the 200 EMA. The RSI line is near its support line chances are that it might make a reversal from here.
Technical levels
Support – $0.0046 and $0.0040
Resistance – $0.0070
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
