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Nervos Network [CKB] was beginning to trend upward with force. The previously dormant trading volume skyrocketed higher.
After a period of dormancy, the trading volume for Nervos Network [CKB] began to trend sharply upwards. On the 13th of September, the trading volume went from $5.94 million to $264 million within a day.
This large volume increase was accompanied by a 51% price surge. Since then, the token has continued to trend higher. What is the Nervos Network price prediction for the coming weeks?
The 13th of September saw a massive trade volume surge as the token closed 51% higher than where it started the trading session. It gained an additional 14.2% since then.
The daily RSI was above 70 to show overbought market conditions. Hence, the momentum was firmly bullish, but there’s also a chance of a price correction.
Therefore, the Nervos Network price prediction, though bullish, could see short-term pullbacks.
The OBV had been in a downtrend since April, but the recent price pump revived its uptrend. This wave of buying pressure might set up a sustainable rally.
To the north, the $0.02 and $0.026 levels were the next key resistances.
The Open Interest rose from $11.3 million to $104 million on the 14th of September. This nearly 10x OI growth signaled the huge influx of speculators into the market. It also underlined bullish expectations.
In the short-term, this could be the undoing of the bulls. The huge speculative volume around the rally would mean the price would be busy hunting down the late long positions instead of continuing the trend.
It remains to be seen if the market is overextended like mid-April earlier this year.
The Weighted Sentiment reached levels not seen in over six months. The development activity was trending lower in recent months but still relatively high.
Overall, long-term Nervos Network investors can be confident of another rally, but short-term volatility was a threat.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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