Top crypto analyst, 6Figs, has made a bold prediction regarding the future of the Nervos Network token (CKB). In a tweet, he forecasted a potential 10x to 62x gain for the token based on a well-known bullish chart pattern called the Cup and Handle.
This pattern, often associated with continued upward momentum, has been gaining attention among traders. If confirmed, it could present significant opportunities for investors in the upcoming cycle.
I'm expecting a 10 to 62X out of $CKB this next cycle..This cup and handle is going to print millionaires….I'm used to making panties drop IRL, but this pump will even put me to shame…. pic.twitter.com/AIG89GAzxw
— 6Figs (@realsixfig) September 15, 2024
Cup Formation Over Two Years
According to the chart shared by 6Figs, the “cup” portion of the Cup and Handle pattern took shape from early 2022 to mid-2024. This extended period of gradual price decline followed by recovery suggests that the market went through a phase of consolidation.
As buyers slowly regained control, the rounded bottom was completed, indicating the end of the bearish phase. This pattern is commonly associated with future upward movements, and traders are closely monitoring its completion.
The next step in the process is the handle formation, which occurs when there is a small pullback after the peak of the cup. This phase, starting in mid-2024, shows a minor downtrend that 6Figs believes will pave the way for a breakout.
Key Price Targets
Based on the chart shared in the tweet, 6Figs has identified two key resistance levels for CKB. The first target is around $0.0130, which would represent a 10x increase from the current price.
6Figs sets a second, more ambitious target at $0.0600, marking a potential 62x gain. He calculates these targets by measuring the vertical height of the cup and projecting it upward, a common technique in technical analysis.
The chart’s moving averages demonstrate that CKB has been trading above important indicators like the 50-day and 200-day averages. This implies that the current upward trend may continue in the foreseeable future, supporting the optimistic assessment.
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Analyst’s Bullish Sentiment
In his tweet, 6Figs expressed strong confidence in the upcoming rally for CKB, claiming that the Cup and Handle pattern “will print millionaires.” His prediction is based on historical price movements and the technical strength of the pattern.
The exaggerated language in the tweet highlights the enthusiasm surrounding the potential breakout, though it is important to note that technical patterns like the Cup and Handle are not guarantees of future price movements. Confirmation, particularly through increased volume, remains critical for a successful breakout.
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The post Top Analyst Predicts Nervos Network (CKB) Could Surge 62x in Next Bull Run – Here’s Why appeared first on CaptainAltcoin.
