Nervos Network (CKB) Price Rally Seems to Be Fading Away After Upbit Listing

The native token of Nervos Network recorded impressive gains over the past week, but its bullish trend seems to be fading away.

The native token of Nervos Network (CKB) recorded impressive gains over the past week, emerging as the top gainer among the leading 100 cryptocurrencies with a 140% rally over the past month.

The asset gained 19% in the past 24 hours and is trading at $0.018 at the time of writing, marking the highest level for CKB since June. Notably, the token’s price rally started on Sept. 13 after the leading Korean exchange Upbit listed the asset.

According to data provided by Santiment, the weighted sentiment around Nervos Network has been fading away since Sept. 15. The asset’s social volume witnessed a similar movement after skyrocketing on Sept. 13.

Moreover, the CKB funding rate plunged to negative 2.37% on the day of the Upbit announcement. Thanks to the short-positioned liquidations, the token’s price recorded impressive gains.

However, the Nervos Network funding rate is currently sitting at 0.2%, showing a notable increase in the amount of long trades.

According to data from Santiment, CKB's total open interest decreased by 22% over the last three days, falling from $90 million to $70 million.

At this point, liquidations could push the CKB price down.

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