$CKB is up 42.04%, currently at 0.002024, while BTC is up just 0.77% (around 83690). CKB's gain is more than 50 times the broader market's. On Gate perpetuals, the intraday low was 0.001377 and the high was 0.002173, a range of about 58%. 24-hour volume is around 3.4 million U.
Price action: At 8 p.m. last night, it was still at 0.00149. At 9 p.m., around 1.02 million U in an hour sent it from 0.00149 to 0.001885, before it closed at 0.00172. It later pulled back to 0.00156, then traded sideways between 0.00166 and 0.00175 until before 3 a.m. Today at 4 a.m., around 380,000 U pushed it back up to 0.002169. At 5 a.m., around 470,000 U took it to the intraday high of 0.002173. At 6 a.m., around 410,000 U saw it pull back to 0.001968 before rebounding. It's now moving sideways around 0.002.
Reason: The funding rate is -0.2249%, so shorts are paying to hold their positions while the price keeps rising. Above this level, there is buying from short liquidations and momentum chasers. But 24-hour volume is only 3.4 million U, and the order book is thin, so the price can rise quickly—and fall just as fast.
Conclusion: 0.00217 is resistance. Don't chase unless it breaks above and holds with increased volume. A light long position could be considered on a pullback to 0.00198–0.00200, with a stop-loss at 0.00195. If it breaks above 0.00218 and holds with increased volume, the next level to watch is 0.0023. If it falls below 0.00195, avoid longs and watch 0.00175.
Price action: At 8 p.m. last night, it was still at 0.00149. At 9 p.m., around 1.02 million U in an hour sent it from 0.00149 to 0.001885, before it closed at 0.00172. It later pulled back to 0.00156, then traded sideways between 0.00166 and 0.00175 until before 3 a.m. Today at 4 a.m., around 380,000 U pushed it back up to 0.002169. At 5 a.m., around 470,000 U took it to the intraday high of 0.002173. At 6 a.m., around 410,000 U saw it pull back to 0.001968 before rebounding. It's now moving sideways around 0.002.
Reason: The funding rate is -0.2249%, so shorts are paying to hold their positions while the price keeps rising. Above this level, there is buying from short liquidations and momentum chasers. But 24-hour volume is only 3.4 million U, and the order book is thin, so the price can rise quickly—and fall just as fast.
Conclusion: 0.00217 is resistance. Don't chase unless it breaks above and holds with increased volume. A light long position could be considered on a pullback to 0.00198–0.00200, with a stop-loss at 0.00195. If it breaks above 0.00218 and holds with increased volume, the next level to watch is 0.0023. If it falls below 0.00195, avoid longs and watch 0.00175.