Crypto analyst CryptoJobs3 provided an update on Nervos Network’s (CKB) price action, offering insights into its current consolidation and potential future trends. The analyst noted that CKB is moving within key price levels, presenting opportunities for both upward and downward price movements.
What you'll learn 👉
Support and Resistance Levels Hold Key to CKB’s Next Move
CryptoJobs3 highlighted two critical zones in his analysis: 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. According to CryptoJobs3, long investments still involve risk as long as the price stays around $0.02000.
Bullish Momentum Hinges on Resistance Break
In his analysis, CryptoJobs3 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. The analyst emphasized that these levels are critical for the bullish momentum to resume.
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. This would indicate a continuation of the current consolidation phase, where traders may need to wait for clearer market direction.
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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. The result of this wedge will be very important to decide whether the price trends upward or downward in the next days.
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.
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