CKB, the Nervous Network’s native token, posted impressive gains as traders bet on the asset’s price to soar.
CKB has risen 64% in the past 24 hours and is trading at $0.014 at the time of writing. The asset's market capitalization surged to $612 million, making it the 108th largest cryptocurrency. CKB's daily trading volume recorded a 50% increase, exceeding $500 million.
The token has seen a 320% price increase in the past 30 days. CKB is still down 69% from its all-time high of $0.044 in March 2021.
On February 13th, Nervous Network released an extension protocol for the Bitcoin (BTC) blockchain called RGB++. Immediately after the announcement, CKB soared 54%.
According to data provided by Santiment, CKB's total open interest (OI) has increased by 430% since the launch of the RGB++ client. The total OI of the token is currently around $50 million.
However, CKB's total funding rate aggregated from all exchanges was below zero. According to Santiment, CKB's funding rate was hovering around -0.18% at the time of reporting.
This indicator shows that short position holders are currently overwhelming long traders and are betting on a decline in price.
According to market intelligence platform data, CKB's Relative Strength Index (RSI) remains at 82.5 at the time of writing. This indicator suggests high price volatility and high selling pressure as whales may manipulate the tokens.
For CKB to remain in the green zone, the RSI would need to fall below 60, and an RSI below 50 could provide further bullish momentum to the asset.
