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<p>Nervos Network’s native token, CKB, caught the wider market by surprise this week with a 56.57% price surge over the past 24 hours. The token increased from a 24-hour low of $0.004686 to an intraday high of $0.007636.</p> 
<p>At the time of writing, CKB trades at $0.00738, up 56.57% in 24 hours, leading the top gainers on Binance. Its market capitalization now stands at $319.8 million after the notable rise.</p> 
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<h2 class="wp-block-heading" id="strong-fundamental-triggers-behind-the-rally-strong"><strong>Fundamental Triggers Behind the Rally</strong></h2> 
<p>While the wider cryptocurrency market rides the wave of positive sentiment, CKB’s rally stands out as uniquely fundamental-driven. Earlier this week, the Nervos team released their 2023 annual <a href="https://t.co/iH8USCRPxK" target="_blank" rel="nofollow">report</a>, highlighting the project’s substantial development progress.</p> 
<p>Additionally, the team recently <a href="https://twitter.com/crypcipher/status/1757252049484546305" target="_blank" rel="nofollow">released</a> the improved RGB++ protocol, which incorporates advanced cryptography to improve Bitcoin’s scalability. As a self-proclaimed “store of value” layer designed to integrate with Bitcoin, this latest release acted as a key trigger behind CKB’s breakout.</p>  
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<h2 class="wp-block-heading" id="strong-technical-analysis-supports-further-upside-strong"><strong>Technical Analysis Supports Further Upside</strong></h2> 
<p>Along with the fundamental developments, multiple crypto analysts have pointed out bullish technical signals that support CKB’s ongoing rally.</p> 
<p>Analyst CryptoBull 360 <a href="https://twitter.com/CryptoBull_360/status/1757100477094019440" target="_blank" rel="noreferrer noopener nofollow">tweeted</a> about CKB printing a “strong breakout candle” from the crucial EMA50 support level. He expects the bullish momentum to continue towards a new all-time high for the token.</p> 
<p>Similarly, swing trader Cryptoninja <a href="https://twitter.com/DrCryptoNinja/status/1757310913705881820" target="_blank" rel="noreferrer noopener nofollow">called out</a> CKB in a “strong bullish wave” with an upside potential of 100%.</p> 
<p>Top analyst Javon Marks <a href="https://twitter.com/JavonTM1/status/1757245775996711285" target="_blank" rel="noreferrer noopener nofollow">identified</a> an ambitious 522% additional upside target at $0.041763, which would represent a new record level if achieved. He points out CKB extending with “even greater strength” as it breaks out towards this target.</p> 
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<p>Between launching key network upgrades, delivering transparency through public reports, and exhibiting favorable technical signals – Nervos Network’s native token CKB witnessed the perfect storm this week to fuel a 57% breakout.</p> 
<p>The token has an RSI reading of 79 on its daily chart. This suggests that the asset is currently in overbought territory, meaning its price may be due for a potential correction or reversal in the near future.</p> 
<p>Analysts remain confident of further near-term upside considering the project’s ongoing development progress. CKB’s success stands out as a blueprint for developers to thrive even in harsh crypto winters.</p> 
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<p>The post <a href="https://captainaltcoin.com/why-is-nervos-network-ckb-price-up-by-50-analyst-says-another-533-upside-could-be-coming/">Why Is Nervos Network (CKB) Price up by 50%? Analyst Says Another 533% Upside Could Be Coming</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Why Is Nervos Network (CKB) Price up by 50%? Analyst Says Another 533% Upside Could Be Coming

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