#PoW#Technical analysis#Web 3.0 / DeFi / NFT / dApps / Metaverse+2 more tags

CKB Experiences 125% Rally in Just 9 Days

Nervos Network (CKB) has surged 125% in just nine days, recovering significantly from an earlier 83% drop. This rally brings CKB close to its all-time high from March 2021 and highlights strong market momentum.

Nervos Network (CKB) experienced a 125% rally in just 9 days. The cryptocurrency experienced an astonishing 1,100% rally in 2024; just 15% shy of its all-time high established in March 2021. Following the rally which ended in April, CKB experienced a sharp 83% drop until August.

What is Nervos Network (CKB)? Nervos Network (CKB) is a public blockchain ecosystem designed to support a peer-to-peer crypto-economy with secure blockchain services. Launched in November 2019, it features a dual-layer architecture: a base layer, called the Common Knowledge Base, which uses Proof-of-Work (PoW) and its cryptocurrency CKByte (CKB) for security and resource management, and a computation layer for processing transactions. The platform enables developers to create decentralized applications (dApps) and smart contracts that can operate across multiple blockchain systems.

Chart by TradingView

Technical Analysis

The coin has just experienced its first strong rally since the 83% decline, when it rose by over 125% in just 9 days. CKB has currently reached a strong resistance from $0.014000 to $0.017500. Therefore, in order for the coin to continue its uptrend it needs to break above $0.017500.

Additionally, the 100 Simple Moving Average (SMA) has been very accurate in predicting CKB’s price so far. When the price crossed above the moving average, it usually resulted in a strong rally, and when the price crossed below the moving average it resulted in a prolonged downtrend. CKB has crossed the moving average 4 days ago.

Bottom Line: Nervos Network (CKB) surged 125% in nine days, nearing its all-time high and showing strong market momentum. Breaking the $0.017500 resistance could propel further growth to its 2024 high.

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