Can Nervos Network Buck Its Bear Trend?

Nervos Network (CKB) continues its downward spiral as it loses another 11% on Tuesday, only days from Bitcoin halving.

The coin has now lost more than 30% over the last week after outperforming most other cryptos the week before. As Bitcoin nears its halving event, Nervos Network is having a crisis that may prove disastrous for many of the token’s investors.

Nervos is hemorrhaging investors at an alarming pace, especially now that the coin has reached almost back down the level it was at before the recent spike. CKB had lost nearly all of its gains. Those gains started with a bull run on April 5th that resulted in CKB climbing more than 100% in just a few days.

The coin was at a low point of $0.0172 (CKB/USD) before the price spike, and it climbed up to $0.0373 at its highest point. Now, CKB is down to $0.0218 and still falling.

How Low Will Nervos Network Go?

The Nervos Network coin could easily fall to its pre-bullish levels very soon. That would only take a drop of 21%. The coin’s descent is leveling out, though, and it may not reach quite that far before the price corrects.

Investors are still trying to figure out where the support level is for this coin, thanks to its recent erratic behavior that makes it difficult to predict. What could help give Nervos Network a boost is the upcoming Bitcoin halving, to take place in three days. If Bitcoin starts to jump in value as a result of the halving, Nervos may benefit by proxy, as more interest is drawn to the crypto currency market.

However, if that halving does not result in Bitcoin going bullish for a while, then Nervos will be left to fend for itself. In this slow economy, with inflation on the rise, Nervos might flounder around the $0.020 level for a while before it starts to recover.