CKB skyrockets 111% in a week following Upbit listing, hits highest level since June

Nervos Network’s native token, CKB, has surged over 111% in the last 7 days following its listing on South Korean exchange Upbit.

The jump in price has made Nervos Network (CKB) the best-performing cryptocurrency among the top 100 digital assets by market cap, pushing its price from $0.159 to $0.0176 on Sep. 16.

The token’s market cap hit $729 million, its highest level since June 10, making it the 92nd largest digital asset globally, according to CoinGecko data.

The recent surge in CKB price is largely due to its listing on major South Korean exchange Upbit. The new listing has made it easier for investors to purchase CKB with US dollars, South Korean won, or Tether (USDT), leading to a huge jump in demand.

Data from CoinGecko shows an increase 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 percent increase in the company’s total daily trading volume, which now sits at around $381 million.

Meanwhile, Coinglass data shows CKB’s daily open interest has increased by 13.4% to $116.6 million at press time. This, combined with the increase in trading volume, suggests an increase in investor activity, potentially adding fuel to CKB’s ongoing rally.

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

CKB price action

As Crypto.news previously reported, CKB’s price surge coincided with the convergence of two lines forming a falling wedge formation, a technical setup that usually signals further upside potential.

It also broke the upper Bollinger Band at $0.0153, signaling an upside strength wave. Additionally, the Relative Strength Index reflects an overbought condition and is at 78, suggesting intense buying pressure.

CKB price, Bollinger Bands and RSI – Sep 16 | Source: crypto.news

Historically, an RSI above 70 indicates overbought levels, but this can also be accompanied by continued price gains, especially when there is strong momentum.

Considering the current trend, traders should keep an eye on the $0.02 level, which could serve as the next psychological resistance. A successful breakout of this level, combined with strong volume, could push the price towards $0.025 or higher.

However, the overbought RSI raises the possibility of a correction or consolidation in the near-term. In case 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 could signal the start of a short-term consolidation phase.

Major liquidation levels

According to Coinglass, the critical liquidation thresholds for CKB currently sit at around $0.0152 on the low side and $0.0176 on the high side, suggesting a high level of leverage among day traders.

Source: CoinGlass

If market dynamics change and the CKB price drops to $0.0152, long positions could be liquidated worth around $5.77 million. Conversely, if market sentiment turns positive and the price rises to $0.0176, short positions could be liquidated worth around $9.5 million.

At press time, data showed that the bulls were taking control and there was the potential for short positions to be liquidated at higher levels.