Nervos Network (CKB) has surged 68% in the past 24 hours to trade at $0.0133 on a 45% increase in trading volume.
This move puts CKB on the list of CoinsKid’s best trades. But remember, if you buy a big uptrend, you might get caught in a big downtrend.
Other analysts expect a correction in the Nervos Network price and have already taken short positions.
Nervos Network is an open source public blockchain ecosystem that aims to create a peer-to-peer cryptoeconomic network. It enables users to access a variety of verifiably secure blockchain services and functions.
According to the market range measurement, which ranges from a low of $0.0021 in June 2023 to a high of $0.0153 in February 2024, the price of Nervos Network is trading above the 78.6% Fibonacci level of $0.0125. The Relative Strength Index (RSI) is 91, which shows that CKB is extremely overbought, which means that a correction may occur.
To strengthen the correction hypothesis, Nervos Network price also broke above the upper Bollinger Band boundary of $0.0107. This also suggests that a correction is underway.
Traders who want to open new Nervos Network positions should wait as the risk of a price drop is high now. On the other hand, those who currently have open positions should maintain their positions as the trend of the RSI indicates that the momentum is still rising. This means that the price of Nervos Network may still continue to rise.
Such a trend bias could carry the CKB price back to the range high of $0.0152, nearly 10% above the current level.
On the other hand, if a correction occurs, the Nervos Network price could drop below the 78.6% Fibonacci level of $0.0125 and even lower, testing the 61.8% most critical retracement level of $0.0104.
In an extreme case, the market cap of this altcoin could drop to the 50% Fibonacci level of $0.0089. However, to invalidate the overall bullish view, the Nervos Network price would have to drop below the 38.2% Fibonacci level of $0.0073. This would represent a 45% drop from current levels.
Meanwhile, investors are eyeing a new ICO project, Meme Kombat, which analysts rank as a top project with great potential. It is also one of the top five cryptocurrencies to buy right now, according to YouTube analyst Jacob Bury.
Meme Kombat is an innovative gaming platform designed for gaming enthusiasts. The project offers investors the opportunity to battle against a meme character of their choice in an arena. In addition to regular battles, there are other larger, more high-profile battles where players can participate and have a chance to win great prizes.
This innovative platform introduces unique features including active betting and passive staking, providing players with diverse ways to earn rewards, which is particularly attractive to players who are keen on gaming.
Meme Kombat’s MK token is currently in its presale phase and has raised $8.8 million, close to its $10 million goal.
Investors who wish to purchase MK can do so on the official website, with each MK token priced at $0.279.
Token holders can also stake their holdings to earn up to 107% annualized yield, and currently 12,010 holders have staked 80% of the tokens.
Please visit the official Meme Kombat website to purchase MK Tokens.
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