Bitcoin
BTC$19 083.51

-1.06%

Ethereum
ETH$1 281.89

-2.22%

Tether
USDT$1.000050

0%

USD Coin
USDC$1.000020

0.01%

Binance Coin
BNB$285.57

1.14%

XRP
XRP$0.453299

-4.55%

Kyber Network (KNC) About to Make a Decisive Move


June 2020

The cryptocurrency that is a centercore of the blockchain-based ecosystem for instant payments and exchange of digital assets - Kyber Network - belongs to the group of mid-ranked coins that actually display signs of revival after the prolonged consolidation that followed the price degradation across the entire market, also known as the crypto winter.

Historical price action of Kyber Network

The all-time chart shows that starting from around November 2019, KNC began to gradually move to the upside, whereas the majority of cryptocurrencies of the same caliber mainly remained flat during that period of time. Evidently, there is an underlying buying strength in that market, although it appears to be revealing itself by piecemeal, especially after the so-called coronavirus crash of mid-March.

Another positive notion regarding KNC is that the aforementioned crash didn’t result in a nosedive to the all-time low as it happened to many other coins. For your information, the deepest bottom for Kyber Network was recorded in February 2019, when the price was at $0.116. However, that is a mixed blessing, so to speak, because while signifying the overall bullish sentiment in this market, it also means that the probability for KNC to get trapped into the downtrend is higher than for those coins which bottomed out from the all-time low zone. 

The bullish flag will show the way


Kyber Network has embarked on a different path towards recovery than most other cryptocurrencies because, after the instant capitulation, which had eaten up a staggering 64% its value, KNC didn’t perform a prompt bounce to the upside, but instead, made a couple of higher lows, followed by two weeks of consolidation with $0.4 being a tight support line.

Please note that at this particular junction, KNC showcases a certain behavioral pattern, characterized by relatively short bursts to the upside that last for three to four days, followed by a protracted period of consolidation. The last such burst took Kyber Network to the upside by 40% to form a pole of the bullish flag pattern, which is currently in development.

1-day KNC/USDT chart

The way the price action is going to resolve this flag formation is of the utmost importance for further developments in this market because, as of now, it stands at the crossroad with three possible directions being in play.

The first one is the initial uptrend (colored purple), which took roots in the first half of January and the structure of which was broken due to the crash. If Kyber Network manages to recover above this line, traders should seriously consider going long on that coin since that uptrend would persist with the newly-acquired bullish power. The point of breakage of that particular line lies at $0.84.

The second scenario is of the bearish nature, which would come into play if KNC fails to breach the resistance at $0.7 and resolves the bullish flag to the downside. In that case, traders will see KNC being pulled down to the 50 EMA, which presently serves as macro support, and then to the 200 EMA that converges with the aforementioned support at $0.4. The realization of that scenario would confirm the trend reversal signal that flashed when the price action had drawn the triple top earlier this March.

The neutral scenario provides for KNC bouncing from $0.64 to the upside but showing the inability to breach the macro resistance at $0.8. Should that be the case, Kyber Network would enter a prolonged period of consolidation with a bearish outlook.

Author: Alex Paulson for Crypto-Rating.com

Related

Kyber Network (KNC): Undergoes a Deep Correction
Kyber Network (KNC): Undergoes a Deep Correction
Kyber Network (KNC) is Stuck at the Macro Resistance
Kyber Network (KNC) is Stuck at the Macro Resistance
Kyber Network (KNC): In the Middle of Yet Another Upswing
Kyber Network (KNC): In the Middle of Yet Another Upswing
Kyber Network Proves to be Stronger Than Some Top Cryptocurrencies
Kyber Network Proves to be Stronger Than Some Top Cryptocurrencies
Kyber Network (KNC): Retracement Needed
Kyber Network (KNC): Retracement Needed

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 87.6% 20 $19 083.51 -1.06% 1.40% $365 781 815 743 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 60.8% 83 $1 281.89 -2.22% -1.23% $157 194 265 600 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000050 0% 0% $67 952 795 097 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 91.6% 1 $1.000020 0.01% 0% $47 326 491 868 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 90.8% 14 $285.57 1.14% 4.15% $46 073 556 698 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 61.2% 86 $0.453299 -4.55% -8.26% $22 619 945 926 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 95.2% 1 $1.000118 0.11% 0.06% $21 044 705 794 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 78% 41 $0.422139 -2.00% -5.32% $14 459 594 259 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 82% 27 $32.15 -1.56% -0.56% $11 427 909 285 SOL 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 95.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 88.8% 14 $0.059515 -1.94% -2.79% $7 895 849 620 DOGE 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 68.4% 71 $6.19 -1.35% -0.33% $6 947 808 682 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 93.6% 1 $0.999786 0.03% 0.03% $6 830 875 509 DAI 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 70.8% 64 $0.767118 -0.22% 4.02% $6 700 252 529 MATIC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 92.4% 5 $0.060883 0.66% 2.30% $6 190 317 836 WTRX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.