Nervos Network Analysis: CKB Down 2% – What’s Gone Wrong?

Nervos Network’s native token, CKB, has dropped by 2.5% in the last 24 hours. CKB’s yearly loss now stands at 34%.

At the time of writing, CKB was trading at $0.00271, with a market capitalization of around $90 million.

CKB’s drop in the last 24 hours mirrors the performance of the rest of the crypto market. All the top ten largest cryptocurrencies by market cap are trading in the red Today.

The recent downtrend threatens to erase CKB’s gains in the past week. In the last seven days, CKB has gained by 2.9%.

The current downtrend will continue in the short term as buyers lack an incentive to enter the market. However, the same could change in a long time amid eagerly awaited developments.

In November this year, the Nervos Network will celebrate its fourth anniversary. The first halving event will mark the occasion for the network.

With the first upcoming halving in November, #CKB will be turning four.

The kiddo is no longer a baby anymore, and prepping to take her first steps out into the world alone soo😀

While still young, CKB has shown immense growth, learning new things and mastering new skills 🛠️ pic.twitter.com/TFJTcZRwTl

— Nervos.bit (@NervosNetwork) August 24, 2023

During the halving event, the base issuance rate will reduce from 1,917,808 to 958,904 CKB per epoch. The event will facilitate the token’s real inflation rate from 7.92% to 3.77%.

In November, the base issuance rate will halve from 1,917,808 to 958,904 CKB per epoch, reducing the real inflation rate from 7.92% to 3.77% 📈 pic.twitter.com/xKomNDZsWW

— Nervos.bit (@NervosNetwork) August 24, 2023

CKB might rally in the weeks leading up to the event. However, the current weak trend in the broader market is impeding a rally in the short term.

CKB Plunges 2% Today

CKB has been on a steady uptrend since the beginning of the month. On August 1, CKB was trading at $0.0027.

By August 14, CKB had made a significant uptrend to trade at $0.00336. Buyer failed to hold the price at these levels, and a gradual decline started.

On August 18, as the broader cryptocurrency wobbled, CKB dropped to $0.0026. The token has failed to recover from these drops, and more dips might be coming.

On August 28, CKB attempted to recover and rallied to $0.0028. These gains have been wiped in the last 24 hours following the 2.5% price dip.

CKB Continues To Drop As Selling Pressure Builds

The price indicators point towards a bearish trend.

The Moving Average Convergence Divergence (MACD) line is in the negative zone. The same sentiment can also be seen in the MACD histograms in the negative area.

The MACD line indicates that CKB is bearish, and a downtrend will likely continue. If the downtrend persists, CKB will likely plunge towards the June 26 level of $0.00247.

On the other hand, the Relative Strength Index at 42 shows the lack of intense selling pressure. The RSI line points downwards, hinting at more dips in the short term.

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