With a trendline breakout rally and a turnaround in dynamic average lines, Nervos Network eyes a bullish extension to $0.026.
In a bullish crypto week, the Nervos Network’s CKB token registered a massive surge, resulting in a trend reversal. With a surge in buying pressure, the altcoin jumped 108% last week, from $0.008012 to a closing price of $0.016 on Sunday.
As the bull run surpassed multiple resistances and reclaimed the $0.010 mark, the buyers anticipate a jump beyond $0.020. However, a bearish start to this week reveals bullish exhaustion at play. Will the CKB price trend continue the bull run this week?
Nervos Network’s Bull Run Crosses $0.015
In the daily chart, the CKB price action reveals a bullish turnaround from the $0.006856 support level. Following a minor consolidation near the support level, the CKB price exploded last week with a massive surge in trend momentum.
The bullish reversal surpasses the long-coming resistance trend line and the crucial dynamic average line. With a massive jump of 51.44% on September 13, the CKB price exceeds the overhead trend line, the 50-day EMA, 200-day EMA, and 100-day EMA.
Based on the Fibonacci levels, the bullish turnaround exceeds the 23.60% Fibonacci level and reclaims the $0.010 psychological mark. Currently, it is facing opposition from the 38.20% level at $0.01657. With an intraday pullback of 5.77%, the CKB price is trading at $0.01572.
CKB Listing Over Upbit Boosts Buyers
The driving factor behind the high momentum uptrend in the CKB price is Nervos Network’s listing on Upbit, a major South Korean exchange. With the listing on a major exchange, the altcoin enters the top 100 crypto list, bringing additional buying volume.
Further, the ease of trading for South Korean traders with Tether (USDT) pumps the buying pressure.
Will Nervos Network Surpass $0.020?
As bullish momentum surged last week, the upward movement in the 50, 100, and 200-day EMAs hints at a potential bullish crossover. If the price remains above the $0.015 mark, a golden crossover between the 50-day and 200-day EMAs could further ignite the positive trend.
The MACD indicator shows a growing bullish gap between the MACD and signal lines, along with a significant rise in positive histograms. According to Fibonacci extensions, resistance levels are at $0.01957, $0.02257, and $0.02684.
With the trend line currently above $0.025, the likelihood of a rounding bottom pattern with a neckline at $0.026 is increasing. Conversely, the support level for the CKB token is at $0.01285 in case of a bearish momentum.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
