In our next technical analysis, Nervos Network is a blockchain platform for creating universal applications. It provides a robust ecosystem for users to create decentralized apps anytime and anywhere with ease. It facilitates seamless scaling and flexible coding. CKB is the prime governance token of this network.
On March 29, 2021, CKB started trading at $0.027. As of April 4, 2021, the closing price was $0.036. Thus, in the past week, the CKB price has surged by approximately 33.33%. In the last 24 hours, CKB is trading between $0.031-$0.039.
Day-Ahead and Tomorrow
Currently, CKB is trading at $0.034. The price has decreased from the opening price of $0.036. Thus, the market seems bearish.
The A/D indicator is falling. Thus, whale distributions are higher than whale accumulations. High selling pressures will exert downward pressure on the CKB price. Hence, the price is likely to drop further.
The MACD and signal lines are negative. A bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish, and we can expect the price to fall further.
The RSI is currently at 43%. It faced a bullish swing rejection at 38%. Thus, buying pressures are slowly mounting. We can expect the CKB price to rise in some time.
It is a good time for day traders to go long.
CKB Technical Analysis
Currently, CKB is trading below the Fibonacci pivot point of $0.035. As the oscillators are showing a bearish market momentum, we can expect the price to soon fall below the first support level of $0.032.
The price has tested and fallen below 61.8% FIB retracement level of $0.034. If the bears remain strong, by day close, we can expect the price to fall below 138.2% FIB retracement level of $0.028. In that case, the bear-run is likely to continue tomorrow as well.