bullish

Nervos Network

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WazirX

The native token of Nervos Network recorded impressive gains over the past week, but its bullish trend seems to be fading away. 
Nervos Network (<a href="https://crypto.news/price/nervos-network/" target="_blank">CKB</a>) emerged as the top gainer among the leading 100 cryptocurrencies with a 140% rally over the past month. Notably, the asset gained 19% in the past 24 hours and is trading at $0.018 at the time of writing — this is the highest level for CKB since June. 
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 <img loading="lazy" decoding="async" width="3840" height="1300" src="https://crypto.news/app/uploads/2024/09/Nervos-Network-CKB-10.36.37-18-Sep-2024.png" alt="CKB’s trend fading away despite emerging as top gainer - 17" class="wp-image-14298460">
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 CKB price, sentiment, open interest and funding rate – Sept. 18 | Source: <a href="https://app.santiment.net/charts/RP3N5-Zf__sCl" target="_blank" rel="nofollow">Santiment</a>
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</figure> 
CKB’s market cap is currently sitting at $829 million with a daily trading volume of $573 million. 
Per a crypto.news report, CKB’s price rally started on Sept. 13 after the leading Korean exchange Upbit <a href="https://crypto.news/nervos-networks-ckb-rockets-but-gains-could-be-limited/" target="_blank">listed</a> the asset.&nbsp; 
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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.&nbsp; 
Data from the market intelligence platform shows that 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 <a href="https://crypto.news/ckb-skyrockets-111-in-a-week-following-upbit-listing-hits-highest-level-since-june/" target="_blank">recorded</a> impressive gains.&nbsp; 
However, the Nervos Network funding rate is currently sitting at 0.2%, showing a notable increase in the amount of long trades.&nbsp; 
Per data from Santiment, CKB’s total open interest decreased by 22% over the last three days — falling from $90 million to $70 million.&nbsp; 
Nervos Network’s open interest is still sitting at a very high zone despite the recent correction. The CKB open interest was hovering around the $7 million mark on Sept. 12, before the Upbit listing. 
At this point, liquidations could push the CKB price down.&nbsp; 
 Read more: <a rel="" href="https://crypto.news/what-to-expect-at-token2049-in-singapore/"> What to expect at TOKEN2049 in Singapore </a>

CKB’s trend fading away despite emerging as top gainer

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