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<p>The native token of Nervos Network, CKB, has seen its price go<a href="https://captainaltcoin.com/why-is-nervos-network-ckb-price-up-by-50-analyst-says-another-533-upside-could-be-coming/" target="_blank"> parabolic in recent weeks</a>, surging over 290% in the last month. This rampant rally comes on the heels of Nervos’ first halving event in November 2023, which reduced CKB mining rewards by 50% similar to Bitcoin’s coded supply reductions.</p> 
<p>“Nervos Network $CKB had its first halving close to 3 months ago and looks like it’s following in #bitcoins first few halving appreciation,” noted <a href="https://twitter.com/bayswater79/status/1755172245691900292" target="_blank" rel="nofollow">analyst Defi-DeGen</a>. “As others have mentioned we may see $CKB over a few dollars eventually.”</p>  
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<p>Halvings constrain the inflation rate of a cryptocurrency by cutting the flow of new tokens, helping to maintain scarcity and value. Many believe Nervos’ recently-reduced issuance rate will allow CKB to continue appreciating.</p> 
<p><strong>CKB Most Searched on Google </strong><br>Driving further enthusiasm, CKB became the most searched cryptocurrency on Google within a 24-hour period earlier this week as interest in the altcoin intensifies.</p> 
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 <img loading="lazy" decoding="async" width="612" height="1024" src="https://captainaltcoin.com/wp-content/uploads/2024/02/image-557-612x1024.png" alt="" class="wp-image-438687" srcset="https://captainaltcoin.com/wp-content/uploads/2024/02/image-557-612x1024.png 612w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-557-179x300.png 179w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-557-768x1285.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-557-918x1536.png 918w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-557.png 1224w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-557-90x150.png 90w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-557-100x167.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-557-209x350.png 209w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-557-788x1318.png 788w" sizes="(max-width: 612px) 100vw, 612px">
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<p>“Incredible,” tweeted <a href="https://twitter.com/CryptoFanTech/status/1757516786310770977" target="_blank" rel="nofollow">analyst CryptoFanTech</a> about CKB’s peak search popularity.</p> 
<p><strong>Overbought Technicals Suggest Retracement Possible</strong><br>However, at current levels, Nervos Network’s technical indicators are flashing signs of overextension. The daily relative strength index (RSI) for CKB sits at 91 – deeply overbought territory where retracements commonly occur.</p> 
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<p>Similarly, price has already far exceeded its 50 and 200 simple moving averages (SMAs). Some pullback may be needed before these SMAs catch up to provide support.</p> 
<p>While strong project fundamentals could fuel continuation, traders should be aware of the potential for volatility in the near-term.</p> 
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<p>The post <a href="https://captainaltcoin.com/nervos-networks-ckb-price-surges-on-favourable-fundamentals-but-technicals-signal-caution/">Nervos Network’s (CKB) Price Surges on Favourable Fundamentals, but Technicals Signal Caution</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Nervos Network’s (CKB) Price Surges on Favourable Fundamentals, but Technicals Signal Caution

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