CKB achieves 3-year peak, defying unfavorable market conditions

The price of CKB, the native token of the Nervos Network, has reached its highest level in three years, defying the bearish sentiment in the cryptocurrency market.

At the time of writing, CKB is trading at $0.035, up by 13.2% in the past 24 hours. This price level was last seen in March 2021. The market cap of the asset has surged to $1.55 billion, making it the 69th-largest cryptocurrency.

The daily trading volume of CKB has also increased by 2.6%, reaching $313 million.

According to data from Santiment, the total open interest (OI) of CKB has decreased by 6.8% in the past day, dropping from $70.17 million to $65.38 million. This decline in OI suggests lower price volatility for the asset.

Furthermore, data shows that the total funding rate for CKB has increased from 0.011% to 0.019% in the past 24 hours. This indicates that traders are still optimistic about a further price rally for CKB as it reaches its three-year high.

If the price of CKB continues to surge, traders may see an increase in liquidated short positions.

The Relative Strength Index (RSI) of CKB, according to Santiment, has risen from 69 to 73 in the past day. This suggests that the asset is slightly overbought at the current price point, and some profit-taking activity would be expected.

For CKB to remain in the bullish zone, its RSI would need to drop below the 60 mark.

In other news, a former advisor of Ethereum is suing the U.S. for $9.6 billion over dropped extortion charges.

Stay updated with the latest cryptocurrency news by following us on Google News.