The Nervos Network’s native token, CKB, has achieved its highest price level in three years despite the prevailing bearish sentiment in the cryptocurrency market.
CKB has seen a 13.2% increase in the last 24 hours, currently trading at $0.035, a level last observed in March 2021. The token’s market cap has soared to $1.55 billion, ranking it as the 69th largest cryptocurrency.
The daily trading volume of CKB has increased by 2.6%, reaching $313 million.
Based on data from Santiment, the total open interest (OI) for CKB has decreased by 6.8% in the past day, dropping from $70.17 million to $65.38 million. This decline in OI indicates reduced price volatility for the token.
Additionally, data reveals that the total funding rate for CKB has risen from 0.011% to 0.019% over the last 24 hours. This suggests that traders are optimistic about a further price increase for CKB as it hits its three-year high.
If CKB’s price experiences another surge, traders may witness an increase in liquidated short positions.
According to Santiment, the CKB Relative Strength Index (RSI) has climbed from 69 to 73 in the past day. This indicates that the token 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.
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