Nervos Network (CKB) is moving in a consolidation phase as the investors are moving away from digital assets due to a notable increase in oil and other assets’ prices. According to CoinMarketCap, the token price has declined by 1.04% over the last 24 hours and 2.98% over the last week.
At the time of writing, the token is trading at 0.001483 with a trading volume of $3.64 million, which has declined by 32.57% over the last 24 hours. However, its market capitalization stands at $72.23 million, which is down by 1.02%.
Source: CoinMarketCap
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CKB Falling Wedge Signals Breakout Toward $0.0095
Furthermore, the crypto analyst Butterfly highlighted that CKB is currently forming a clear falling wedge pattern on the 3-day chart, a technical structure often linked with bullish reversals.
The pattern reflects declining selling pressure and gradual accumulation as buyers begin absorbing supply. Market behavior suggests momentum is compressing, hinting that a significant directional move may be approaching soon.
Source: Butterfly’s X Post
The breakout from the wedge would be a bullish indication that could potentially mean the resumption of upward momentum, with traders eyeing a breakout above $0.0095. However, it is imperative that the reversal be confirmed through high trading volumes.
For now, it is clear that CKB is still within the consolidation period, wherein there is an ongoing struggle for market dominance between the buyers and sellers.
CKB Technical Outlook Reveals Bearish Pressure
According to TradingView, CKB exhibits a trend reversal from a downward trend to a sideways trend pattern.
In the month of February, the price experienced a steep drop and settled at $0.00130. At the moment, the token is being traded at $0.00148 with its price sandwiched between tightening Bollinger Bands.
Source: TradingView
The momentum indicators show such a move as the MACD line stays close to the zero line with declining histogram levels.
Although the price is now trading above the 20-period moving average, it is still held back by the resistance level of $0.00162. The bulls may be waiting for a breakout above the upper boundary with large volume.
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