CKB surges 64% in 24 hours, traders bet on price drop

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The native token of the Nervous Network, CKB, has recorded spectacular good points whereas merchants are betting towards the asset’s worth surge.

CKB is up by 64% up to now 24 hours and is buying and selling at $0.014 on the time of writing. The asset’s market cap surged to $612 million, making it the 108th-largest crypto. CKB’s every day buying and selling quantity recorded a 50% rally, surpassing the $500 million mark.

CKB surges 64% in 24 hours, traders bet on price drop - 1
CKB worth, RSI, open curiosity and funding charge – Feb. 15 | Supply: Santiment

The token has recorded a 320% worth surge over the previous 30 days. CKB continues to be down by 69% from its all-time excessive of $0.044 in March 2021.

On Feb. 13, Nervous Community released an extension protocol for the Bitcoin (BTC) blockchain known as RGB++. Shortly after the announcement, CKB recorded a 54% surge. 

In line with knowledge supplied by Santiment, CKB’s whole open curiosity (OI) has elevated by 430% for the reason that launch of the RGB++ consumer. The token’s whole OI presently stands at roughly $50 million.

Nonetheless, the CKB whole funding charge aggregated from all exchanges has dropped under zero. In line with Santiment, CKB’s funding charge is hovering round detrimental 0.18% on the reporting time.

The indicator exhibits that short-position holders are presently dominating lengthy merchants and betting for a worth drop.

Knowledge from the market intelligence platform exhibits that CKB’s Relative Power Index (RSI) is sitting at 82.5 on the time of writing. The indicator suggests excessive worth volatility and promoting stress as whales might probably manipulate the token.

For CKB to stay within the inexperienced zone, its RSI would wish to chill all the way down to under 60, and an RSI of under 50 might carry additional bullish momentum to the asset.

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