The native token of Nervos Network recorded impressive gains over the past week, but its bullish trend seems to be fading away.
Nervos Network (CKB) 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.
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 listed the asset.
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.
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 recorded impressive gains.
However, the Nervos Network funding rate is currently sitting at 0.2%, showing a notable increase in the amount of long trades.
Per data from Santiment, CKB’s total open interest decreased by 22% over the last three days — falling from $90 million to $70 million.
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.