16 Sep 2024 Morgan Hayze
Nervos Network (CKB) Makes A 20% Price Increase In A Day, What’s Next?
Nervos Network (CKB) accompanied the week-long surge in Bitcoin (BTC) to $60K. The price of the altcoin has recently increased dramatically on both the short- and long-term charts.
CKB saw an extraordinary rise over the last day, rising from a low of $0.01464 to a high of $0.01749, with a gain of more than 19% in price. It has held steady around the $0.016 area as of 4:30 AM UTC, locking in about 15% of its gains for the day.
Remarkably, the cryptocurrency asset also had a seven-day surge of over 119%, rising from a low of $0.00798 to a high of $0.01749, and now hovering at 85.85%. In the meantime, its price has increased by more than 104% and 448%, respectively, in comparison to exactly one month and one year earlier.
Source: CoinMarketCap
The digital asset saw a 165% spike in trading volume as the value of CKB migrated between addresses by almost $700,19 million. Nervos Network's 44.944 billion token supply is now valued at $747.20 million total thanks to the most recent changes, placing it in the top 83 cryptocurrencies by market capitalization across a number of indices.
Despite the significant price increase of the Nervos Network token within these periods, CKB is still 62% under its all-time high of $0.04412 three years ago.
Meanwhile, leading cryptocurrency expert 6Figs has made a daring forecast about the direction that the Nervos Network token (CKB) would go. In a tweet, he anticipated a potential 10x to 62x increase for the coin based on a well-known bullish chart pattern dubbed the Cup and Handle.
Traders have been paying more and more attention to this pattern, which is frequently linked to ongoing upward momentum. Should it be verified, investors may have a lot of possibilities in the next cycle.
As to the chart that 6Figs presented, the Cup and Handle pattern's "cup" part was developed between early 2022 and mid-2024. This prolonged period of slow price decrease followed by rebound points to a possible consolidation phase in the market.
The rounded bottom was completed as buyers gradually took back control, signaling the conclusion of the bearish period. Since this pattern is frequently linked to upcoming rising movements, traders are keeping a careful eye on it until it is completed.
When there is a slight pullback following the cup's peak, the handle development phase of the process begins. This phase, which begins in the middle of 2024, exhibits a slight decline that, in 6Figs' opinion, will lead to a breakout.
6Figs stated in his tweet that he was quite optimistic about the impending CKB rally and that the Cup and Handle pattern “will print millionaires.” His forecast is supported by past price changes as well as the pattern's technical strength.
The tweet's hyperbolic wording emphasizes the excitement surrounding the possible breakout, but it's crucial to remember that technical patterns like the Cup and Handle do not indicate future price moves. For a breakthrough to be effective, confirmation is still essential, especially through higher volume.6Figs stated in his tweet that he was quite optimistic about the impending CKB rally and that the Cup and Handle pattern “will print millionaires.” His forecast is supported by past price changes as well as the pattern's technical strength.
