Crypto analyst CryptoJobs3 provided an update on Nervos Network's (CKB) price action, offering insights into its current consolidation and potential
Crypto analyst CryptoJobs3 has provided an update on the price action of Nervos Network (CKB), offering insights into its current consolidation and potential future trends.
The analyst highlights two critical zones in his analysis: the support zone between $0.01600 and $0.01650 and the resistance zone around $0.01900 to $0.01920.
$CKB / USDT – Update:
The main trend remain very bullish
As expected, the price got rejected around the 0.0001900 – 0.00019200$ zone. [see my previous analysis]
Zooming on the weekly view, it's not impossible to see another bullish wave toward 0.002200 or even… pic.twitter.com/WzA04OryqZ
Strong purchasing interest at this level is evident as the price has bounced off the support zone several times. But the resistance zone has hindered further price increases, with sellers showing strength in the $0.01900 zone.
Currently, CKB is merging between these two zones to indicate market uncertainty. According to CryptoJobs3, as long as the price remains around the $0.02000 level, long investments still carry some risk.
If the price can successfully break through the resistance zone of $0.01900 to $0.01920, CryptoJobs3 is optimistic about a bullish continuation. A breakout above this level could push the price toward $0.02200 and even reach $0.02500 in the medium term. The analyst highlights these levels as being critical for the bullish momentum to resume.
However, CryptoJobs3 also notes that failure to break through the resistance could lead to a retest of the lower support zones, especially around $0.01600. This would indicate a continuation of the current consolidation phase, where traders may need to wait for clearer market direction.
CryptoJobs3's chart analysis also includes a descending broadening wedge pattern, which is a bullish reversal pattern. This trend suggests that CKB is at a turning point where a breakout could occur in either direction. The outcome of this wedge will be significant in determining whether the price trends upward or downward in the coming days.
If the price breaks out to the upside, it will move toward higher levels, fitting the optimistic scenario described by CryptoJobs3. In contrast, if the price breaks out to the downside, we could expect a retest of the key support at $0.01550 or lower.
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