The native token of Nervous Network, CKB, has seen a significant increase in value recently, with traders speculating on its price movements. Currently trading at $0.014, CKB has experienced a 64% surge in the past 24 hours, reaching a market cap of $612 million and becoming the 108th-largest cryptocurrency.

CKB’s daily trading volume has also seen a 50% increase, surpassing $500 million. Over the past 30 days, the token has surged by 320%, although it is still down 69% from its all-time high of $0.044 in March 2021.

Recent Developments

On Feb. 13, Nervous Network introduced an extension protocol for the Bitcoin blockchain called RGB++. Following this announcement, CKB experienced a 54% surge in value. Santiment data reveals that CKB’s total open interest has risen by 430% since the launch of the RGB++ client, reaching approximately $50 million.

Despite these positive developments, CKB’s total funding rate has dropped below zero, indicating that short-position holders are currently dominating long traders and anticipating a price decrease. The funding rate currently stands at negative 0.18%.

Market Analysis

According to Santiment, CKB’s Relative Strength Index (RSI) is at 82.5, suggesting high price volatility and selling pressure. Whales in the market could potentially manipulate the token’s value. To sustain its upward momentum, CKB’s RSI would need to decrease to below 60. An RSI below 50 could further bolster bullish sentiment for the asset.

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