Nervos Network’s native token, CKB, has experienced a surge of over 111% in the past week, primarily driven by its recent listing on the South Korean exchange Upbit. This price increase has brought Nervos Network to the forefront, making it the top-performing cryptocurrency among the top 100 digital assets by market value. The token’s price jumped from $0.0159 to $0.0176 as of September 16, marking its highest level since June 10. The market capitalization of CKB has also surged to $729 million, positioning it as the 92nd largest digital asset globally.

The recent spike in CKB’s price is largely attributed to its new listing on Upbit, a major South Korean exchange. This listing has simplified the process for traders to purchase CKB using U.S. dollars, South Korean won, or Tether (USDT), significantly increasing demand. Data indicates a surge in activity from South Korean traders, with the CKB/KRW trading pair alone contributing over $331.6 million in 24-hour volume on Upbit. Binance followed with $134.7 million in trading volume.

The renewed optimism has led to a 100% increase in its total daily trading volume, now hovering around $381 million. Additionally, Coinglass data shows that CKB’s daily open interest surged by 13.4% to $116.6 million, indicating a spike in investor activity and potentially fueling CKB’s ongoing rally.

Nervos Network is a proof-of-work layer-2 project designed to enhance Bitcoin by adding programmability and scalability through the implementation of the RGB++ protocol.

CKB Price Action

CKB’s price surge has coincided with the convergence of two lines forming a falling wedge pattern, a technical setup that typically signals further upside potential. The token has also broken the upper Bollinger Band, which stands at $0.0153, indicating strong upward momentum. The Relative Strength Index (RSI) is reflecting an overbought condition at 78, signifying intense buying pressure.

Historically, an RSI above 70 suggests overbought levels, but this can also accompany continued price rallies, particularly when strong momentum is at play.

Given the current trend, traders should monitor the $0.02 mark, which could serve as the next psychological resistance. A successful breach of this level, combined with strong volume, might push the price toward $0.025 or higher. However, the overbought RSI does raise the possibility of a correction or consolidation in the near term. In the event of a reversal, the middle Bollinger Band, near $0.0096, could act as a potential support level. Traders should exercise caution and monitor the momentum, as a pullback to this level might indicate the beginning of a short-term consolidation phase.

Major Liquidation Levels

Currently, the critical liquidation thresholds for CKB stand at approximately $0.0152 on the lower side and $0.0176 on the higher side. A high level of leverage is observed among intraday traders at these prices. Should market dynamics shift and the price of CKB fall to $0.0152, it could trigger the liquidation of nearly $5.77 million in long positions. Conversely, if the market sentiment turns positive and the price rises to $0.0176, around $9.5 million in short positions could be liquidated.

At press time, data indicated that bulls were in control, with the potential to trigger liquidations of short positions at higher levels.

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