CKB Price Prediction: Will It Double By the End of This Year?

By the time of writing, the CKB price has experienced an impressive 170% increase this September, starting from the demand zone.

The CKB price has surged by 170% this September, making it the most profitable month of Q3 2024. This strong momentum has effortlessly broken through the 20-day, 50-day, and 200-day EMA bands.

As a result, CKB’s market cap has also experienced a significant increase, rising from $335 million to $833 million this month. This nearly 2.5x increase suggests that CKB is actively being purchased at its current price levels.

Moreover, the token’s price has also seen a notable 11% intraday surge, pushing its value above the $0.15 mark. At the time of writing, it was maintaining its position above the supply zone.

Keep reading for more insights on whether the CKB price will continue to rise.

Derivatives Market Analysis Highlights Surge in CKB Price

According to data from Coinglass, open interest in CKB crypto has risen to $61.37 million. Also, the 24-hour long/short ratio stood at 0.9693, suggesting more short positions than long ones.

However, CKB’s OI-weighted funding rates have significantly improved, reaching 0.0047%. This indicated growing market optimism, with traders increasingly betting on CKB crypto’s potential for price growth.

In the past 24 hours, derivatives volume has totaled $331.28 million. It reflected the growing demand for CKB in the derivatives market.

Additionally, $442.84K worth of short positions were opened, while $216.45K in long positions were liquidated intraday. This scenario pointed to a positive outlook for Nervos Network‘s price in the market.

These metrics highlight a strong bullish sentiment for CKB, confirming the recent intraday price surge. The increase in open contracts and higher short-side liquidations suggest that the CKB price could continue to rise.

X & GitHub Exhibits Rising Bullishness

According to data from CertikSkynet, the project has a solid security score of 80.11 and an A-tier security class rating, indicating its fundamental soundness.

CKB crypto’s GitHub account, active for over 6 years and 8 months, has earned 1,800 stars from the developer community.

Nervos Network‘s presence on X is also strong. Its account is 6 and 4 months old and boasts 124.8K followers. In intraday activity, it has posted nearly 5.9K tweets.

Overall, both development activity and social dominance are increasing. This growing social presence could positively impact the CKB price. Increased user participation may drive demand and boost the value of CKB crypto.

On-chain Reflects Why CKB Price Was Green This September

Higher liquidity means that there are more buyers and sellers in the market. This makes it easier to trade CKB crypto without causing significant price fluctuations. This stability can attract more investors, increasing demand and potentially higher prices.

Similarly, the increase in hash rate from 154 PH/s to 374 PH/s indicated that the network is becoming more secure. A higher hash rate makes it more difficult for malicious actors to attack the network.

This safe environment boosts investor confidence and attracts more participants to the ecosystem, positively impacting the price.

The significant increase in transaction count from 26.11K to 102.36K suggested growing usage and adoption of the CKB network. More transactions indicated higher network activity and growth in adoption.

These factors contribute to a more robust and secure network, increased investor confidence, and higher demand. These are positive indicators for the CKB price.

Is CKB Price Headed For 2x Gains Ahead?

Over the past year, CKB has delivered remarkable returns, surging 500% year-to-date despite various challenges. This impressive performance has yielded substantial profits for investors.

Recent price action suggests a bullish reversal, with key support levels forming at lower prices. This is providing a solid base for potential upward momentum.

Additionally, the CKB price has broken through significant “change of character” levels, indicating a pivotal shift in its trajectory. This breakout was accompanied by a surge in trading volume, reinforcing the strength and reliability of the upward trend.

The combination of increasing volume and positive price action points to a more bullish outlook for CKB. The price may find support at $0.0125 and $0.0101, while resistance is expected at $0.0240 and $0.0350. These levels will be crucial in determining the next move for this CKB crypto asset.

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