The CKB price had a good start this year with consolidation to a peak that it registered on April 10th, 2024, where the price peaked at $0.03790 and closed at $0.032750.
However, the CKB failed to hold its gains, and deterioration began after April 11th, 2024, when the price corrected and formed support at $0.014600 by May 1st, 2024.
Since then, the price has been trapped in a Darvas box situation, where the price has been consolidating over multiple sessions at a crucial support of $0.014600. This support was not easy for the bears to break, as the bulls seemed sturdy at this level.
By this week, the price had grown by nearly 20%, and in intraday itself, it had gained 12%, traded at $0.01940. Meanwhile, it illustrates that the price of CKB is attempting to break out of the box, possibly symbolizing the bulls want an uptick soon in the coming days.
An analyst, taqwaayub, demonstrated a chart in favour of bulls, which displayed that the price has slightly breached a downward trendline and could go crazy higher even if the doors could open for a new all-time high once a previous supply territory is breached.
Therefore, if the Nervos Network (CKB) price hits the paddle, the price could gain 2x return. This makes the resistance brake levels priced around $0.02600 and $0.032750.
On the contrary, there lies another situation: if the CKB price remains in this range of Darvas box, the range could continue stretching. Meanwhile, if the range breaks and breakdown appears, the price plunge beneath $0.014600 could lead towards the previous demand, and support would lie around $0.010000.
However, the CKB failed to hold its gains, and deterioration began after April 11th, 2024, when the price corrected and formed support at $0.014600 by May 1st, 2024.
Since then, the price has been trapped in a Darvas box situation, where the price has been consolidating over multiple sessions at a crucial support of $0.014600. This support was not easy for the bears to break, as the bulls seemed sturdy at this level.
By this week, the price had grown by nearly 20%, and in intraday itself, it had gained 12%, traded at $0.01940. Meanwhile, it illustrates that the price of CKB is attempting to break out of the box, possibly symbolizing the bulls want an uptick soon in the coming days.
An analyst, taqwaayub, demonstrated a chart in favour of bulls, which displayed that the price has slightly breached a downward trendline and could go crazy higher even if the doors could open for a new all-time high once a previous supply territory is breached.
Therefore, if the Nervos Network (CKB) price hits the paddle, the price could gain 2x return. This makes the resistance brake levels priced around $0.02600 and $0.032750.
On the contrary, there lies another situation: if the CKB price remains in this range of Darvas box, the range could continue stretching. Meanwhile, if the range breaks and breakdown appears, the price plunge beneath $0.014600 could lead towards the previous demand, and support would lie around $0.010000.