The Nervos Network’s native token, CKB, has soared to its highest price level in three years despite the prevailing negative sentiment in the cryptocurrency market.
Over the past 24 hours, CKB has surged by 13.2%, reaching a price of $0.035 at the time of this report – a level last seen in March 2021. With a market cap of $1.55 billion, CKB now ranks as the 69th largest cryptocurrency.
CKB’s daily trading volume has also seen a 2.6% increase, reaching $313 million.
Data from Santiment reveals that CKB’s total open interest (OI) has decreased by 6.8% in the past day, dropping from $70.17 million to $65.38 million. This decline in OI suggests a decrease in price volatility for the asset.
Furthermore, the total funding rate for CKB has risen from 0.011% to 0.019% over the last 24 hours, indicating that traders are optimistic about a further price rally for CKB as it hits its three-year high.
In the event of another surge in CKB’s price, traders may see an increase in liquidated short positions.
Santiment’s data also shows that CKB’s Relative Strength Index (RSI) has increased from 69 to 73 in the past day. This suggests that the asset is slightly overbought at its current price level, and some profit-taking activity can be expected.
For CKB to remain in the bullish zone, its RSI would need to drop below the 60 mark.
In other news, a former Ethereum advisor is suing the U.S. government for $9.6 billion over dropped extortion charges.