DEFI
CKB defies bearish market conditions, reaches 3-year high
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The native token of the Nervos Network, CKB, has reached its three-year-high price level despite the bearish sentiment in the crypto market.
CKB is up by 13.2% in the past 24 hours and is trading at $0.035 at the time of writing — a level last seen in March 2021. The asset’s market cap surged to $1.55 billion, making it the 69th-largest cryptocurrency.
The daily trading volume of CKB recorded a 2.6% hike, reaching $313 million.
According to data provided by Santiment, the CKB total open interest (OI) dropped by 6.8% over the past day — falling from $70.17 million to $65.38 million. At this point, the declining OI suggests lower price volatility for the asset.
Moreover, data shows that the total funding rate aggregated by CKB surged from 0.011% to 0.019% over the past 24 hours. The indicator suggests that traders are still betting on a further price rally for CKB as it reaches its three-year high.
If the CKB price witnesses another surge, traders could witness increased short positions liquidated.
Per data from Santiment, the CKB Relative Strength Index (RSI) rose from 69 to 73 over the past day. The indicator shows that the asset is slightly overbought at the current price point and some profit-taking activity would be expected.
CKB’s RSI would need to drop below the 60 mark for it to remain in the bullish zone.
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