CKB Token Surges Over 111% Following Upbit Listing, Reaches Highest Level Since June

CKB Token Surges Over 111% Following Upbit Listing, Reaches Highest Level Since June

Nervos Network’s native token CKB, has soared by over 111% in the past week, fueled by its recent listing on the South Korean exchange Upbit.

This significant price surge has propelled Nervos Network to the top spot as the best-performing cryptocurrency among the top 100 digital assets by market capitalization. As of September 16, its price jumped from $0.0159 to $0.0176, marking its highest level since June 10. With its market cap now reaching $729 million, CKB has risen to become the 92nd largest digital asset globally, according to data from CoinGecko.

The primary catalyst behind this spike is the token’s listing on the major South Korean exchange Upbit, which has made it easier for traders to buy CKB using U.S. dollars, South Korean won, or Tether (USDT). This new accessibility has driven a significant surge in demand for the token.

CoinGecko data highlights the intense trading activity from South Korean traders, with the CKB/KRW pair on Upbit generating over $331.6 million in 24-hour trading volume. Binance followed suit with $134.7 million in volume.

The increased optimism around CKB has resulted in a 100% surge in daily trading volume, currently hovering around $381 million. Furthermore, Coinglass data shows a 13.4% rise in daily open interest, now standing at $116.6 million. This increase in volume and open interest suggests heightened investor activity, further fueling the ongoing rally.

Nervos Network, a proof-of-work layer-2 solution, aims to enhance Bitcoin by offering programmability and scalability through the implementation of the RGB++ protocol.

CKB Price Action

As reported by crypto.news, the recent price surge in CKB coincided with a technical convergence of two lines forming a falling wedge pattern, often a bullish signal indicating further upside potential.

Additionally, CKB has broken past the upper Bollinger Band at $0.0153, signaling strong upward momentum. The Relative Strength Index (RSI) has also surged to 78, indicating that the token is in overbought territory, a level typically associated with intense buying pressure.

While an RSI above 70 generally points to overbought conditions, it can also signal the potential for continued rallies, especially when backed by strong momentum. Traders should watch the $0.02 mark closely, as it may act as a psychological resistance level. A break above this level with strong trading volume could push CKB toward $0.025 or higher.

However, the overbought RSI does raise the possibility of a near-term correction or consolidation. In case of a pullback, the middle Bollinger Band at around $0.0096 could serve as a support level, indicating the start of a consolidation phase.

Major Liquidation Levels

At present, critical liquidation levels for CKB lie at approximately $0.0152 on the downside and $0.0176 on the upside. Coinglass data shows high leverage among intraday traders at these levels. Should CKB’s price drop to $0.0152, it could trigger liquidations of around $5.77 million in long positions. Conversely, a rise to $0.0176 could liquidate approximately $9.5 million in short positions.

As of now, bullish momentum dominates, with the potential for higher price levels to trigger short liquidations. However, traders should remain cautious and monitor market dynamics closely.