Cryptocurrency

United

Nervos Network

April

<div class="finbold">
 <p class="paragraph">Nervos Network (CKB) is the only <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency with an <a rel="noopener noreferrer nofollow" title="overbought" href="https://thebittimes.com/tag/overbought.html">overbought</a> daily Relative Strength Index (RSI) in the market. Investors wonder if this is a sell <a rel="noopener noreferrer nofollow" title="signal" href="https://thebittimes.com/tag/signal.html">signal</a> or significant evidence of strength for CKB, considering overall conditions.</p>
 <p class="paragraph">Notably, Nervos Network’s native token is overbought in <em>CoinGlass</em>‘s three higher time frames, according to data retrieved on April 10. CKB has a 74.98 4-hour RSI, 78.5 on the daily, and 78.8 for the weekly chart.&nbsp;</p>
 <p class="paragraph">Interestingly, it is the only cryptocurrency with an overbought Relative Strength Indicator in the 24-hour heatmap. Meanwhile, other cryptocurrencies display a neutral average of 46.82 index points.</p>
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    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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 <p class="paragraph">CKB is up 8% in the last 24 hours, trading at $0.0361. However, its overbought position was acquired after an impressive 100% surge in the last seven days. As a result, Nervos added over $1 billion in capitalization this past week, drawing investor’s attention to the project.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="616" src="https://cdn.thebittimes.com/images/2024/04/10/7baec8dc05e99fa0ea7f449bedc7155b.webp" alt class="wp-image-167751" srcset="https://cdn.thebittimes.com/images/2024/04/10/7baec8dc05e99fa0ea7f449bedc7155b.webp 1024w, https://cdn.thebittimes.com/images/2024/04/10/7baec8dc05e99fa0ea7f449bedc7155b.webp 300w, https://cdn.thebittimes.com/images/2024/04/10/7baec8dc05e99fa0ea7f449bedc7155b.webp 768w, https://cdn.thebittimes.com/images/2024/04/10/7baec8dc05e99fa0ea7f449bedc7155b.webp 1536w, https://cdn.thebittimes.com/images/2024/04/10/7baec8dc05e99fa0ea7f449bedc7155b.webp 1794w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Crypto Market 24-hour RSI Heatmap, CKB. Source: <em>CoinGlass</em>
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 </figure>
 <h2 class="wp-block-heading" id="h-cryptocurrency-market-in-a-week-of-uncertainty">Cryptocurrency market in a week of uncertainty</h2>
 <p class="paragraph">In the meantime, Bitcoin (BTC) again dropped below the $70,000 psychological level, trading at $69,000 as of writing. The leading <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency has dragged the market down, followed by most altcoins.</p>
 <p class="paragraph">However, this recent price action is not exclusive to <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies, as the stock market and other leading finance assets have experienced a similar performance. Analysts blame the generalized bearish sentiment on forecasts of the United States CPI, expected to a 3.4% year-over-year.</p>
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">CPI ESTIMATES FOR TOMORROW<br><br>BANK OF AMERICA 3.3%<br><br>BARCLAYS 3.4%<br>CITI 3.4%<br>GOLDMAN SACHS 3.4%<br>JP MORGAN 3.4%<br>MORGAN STANLEY 3.4%<br>HSBC 3.4%<br>UBS 3.4%<br>BMO 3.4%<br>TD 3.4%<br>CITADEL 3.4%<br><br>WELLS FARGO 3.5%<br>SCOTIABANK 3.5%<br><br>MEDIAN 3.4%</p>— GURGAVIN (@gurgavin) April 9, 2024
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 <p class="paragraph">Nevertheless, <em>TradingView</em>‘s total crypto market cap index still displays a strong uptrend and suggests continuation. The index marks a $2.50 trillion total capitalization, notably above the 50-day exponential moving average (EMA). On that note, a drop to $2.36 trillion, testing the 50-day EMA as support, would be the usual volatility.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="661" src="https://cdn.thebittimes.com/images/2024/04/10/ca88c4a71e8d89cdf5893bca8338060f.webp" alt class="wp-image-167752" srcset="https://cdn.thebittimes.com/images/2024/04/10/ca88c4a71e8d89cdf5893bca8338060f.webp 1024w, https://cdn.thebittimes.com/images/2024/04/10/ca88c4a71e8d89cdf5893bca8338060f.webp 300w, https://cdn.thebittimes.com/images/2024/04/10/ca88c4a71e8d89cdf5893bca8338060f.webp 768w, https://cdn.thebittimes.com/images/2024/04/10/ca88c4a71e8d89cdf5893bca8338060f.webp 1536w, https://cdn.thebittimes.com/images/2024/04/10/ca88c4a71e8d89cdf5893bca8338060f.webp 1875w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Total Crypto Market Cap daily chart. Source: <em>TradingView</em>
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 </figure>
 <p class="paragraph">All things considered, the seemingly overbought CKB has the potential to continue surging under favorable conditions. This would require a bullish cryptocurrency market with a total capitalization above the 50-day EMA and solid fundamentals for Nervos Network, which includes a growing demand for the token and positive developments.</p>
 <p class="paragraph">On the other hand, losing demand, facing technical issues, or an overall trend shift risks punishing CKB investors. Furthermore, a continued neutral landscape performance could trigger a CKB sell-off following technical analysis patterns and profit realization trading strategies.</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/sell-signal-for-an-overbought-cryptocurrency-this-week-tbt85010.html">https://thebittimes.com/sell-signal-for-an-overbought-cryptocurrency-this-week-tbt85010.html</a></p>

Sell signal for an overbought cryptocurrency this week

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