Why Is Nervos Network (CKB) Price up by 50%? Analyst Says Another 533% Upside Could Be Coming
Nervos Network’s native token, CKB, caught the wider market by surprise this week with a 56.57% price surge over the past 24 hours. The token increased from a 24-hour low of $0.004686 to an intraday high of $0.007636.
At the time of writing, CKB trades at $0.00738, up 56.57% in 24 hours, leading the top gainers on Binance. Its market capitalization now stands at $319.8 million after the notable rise.
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Fundamental Triggers Behind the Rally
While the wider cryptocurrency market rides the wave of positive sentiment, CKB’s rally stands out as uniquely fundamental-driven. Earlier this week, the Nervos team released their 2023 annual report, highlighting the project’s substantial development progress.
Additionally, the team recently released the improved RGB++ protocol, which incorporates advanced cryptography to improve Bitcoin’s scalability. As a self-proclaimed “store of value” layer designed to integrate with Bitcoin, this latest release acted as a key trigger behind CKB’s breakout.
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Show more +Technical Analysis Supports Further Upside
Along with the fundamental developments, multiple crypto analysts have pointed out bullish technical signals that support CKB’s ongoing rally.
Analyst CryptoBull 360 tweeted about CKB printing a “strong breakout candle” from the crucial EMA50 support level. He expects the bullish momentum to continue towards a new all-time high for the token.
Similarly, swing trader Cryptoninja called out CKB in a “strong bullish wave” with an upside potential of 100%.
Top analyst Javon Marks identified an ambitious 522% additional upside target at $0.041763, which would represent a new record level if achieved. He points out CKB extending with “even greater strength” as it breaks out towards this target.
Between launching key network upgrades, delivering transparency through public reports, and exhibiting favorable technical signals – Nervos Network’s native token CKB witnessed the perfect storm this week to fuel a 57% breakout.
The token has an RSI reading of 79 on its daily chart. This suggests that the asset is currently in overbought territory, meaning its price may be due for a potential correction or reversal in the near future.
Analysts remain confident of further near-term upside considering the project’s ongoing development progress. CKB’s success stands out as a blueprint for developers to thrive even in harsh crypto winters.
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