Kyber Network (KNC): In the Middle of Yet Another Upswing

July 29, 2020   Kyber Network

Over the past month, Kyber Network (KNC) has further confirmed that the correction, in which the price has been brooding for nearly two years, is over, and traders now witness the development of a strong secondary uptrend.

KNC historical chart

On the all-time chart, we see that the price has already passed the region of intense resistance at $1, and did it in the decisive fashion, as you will see on the daily time frame. Another tough resistance level stands at $1.26, and KNC is currently grappling with it in an attempt to establish a new higher high above $1.3. The next macro resistance is expected to emerge at $1.76, after which the road above $2 would be wide open. Certainly, Kyber Network remains 84% below the all-time high at $8, but the general bullish tendencies in this market are apparent.

KNC still remains a marvelous gainer, as its value increase in USD over the past year holds at an awe-inspiring 426%, while its Bitcoin and Ethereum value rose by 520% and 566%, respectively. Should Kyber Network retain its stride to the upside, the gains will be even larger, given that both dominant cryptocurrencies would continue to stagnate.

KNC is on its way new heights


Having determined the macro price targets, let’s analyze the situation on the daily time frame, where Kyber Network is working through another upswing that could land the price above $1.4, especially given the bullishness of all major indicators.  

1-day KNC/USDT chart

  • After making the retracement below 60, the 14-period RSI has once again begun to make the entry into the oversold area, suggesting that the ongoing upswing is nearing its final stage. There is a slight bearish divergence, but it is unlikely to resolve in a significant pullback;
  • Having bounced off a spot in the neutral zone at 40, Stochastic is now growing increasingly bullish as both its lines are stretching upward, displaying no intention to make a bearish crossover;
  • Following the period of extreme volatility, which helped take the price from below $0.8 to $1.26, Bollinger Band formed a quick squeeze from which the price of KNC began to explode to the upside. This time around, however, the expansion of BB mightn’t be as large as during the previous upswing since the Average True Range indicator began to recline after spending several days stuck to 0.1;
  • MACD is also significantly bullish. Even the retracement from $1.26 to $1 didn’t take the indicator below 0.05 and kept it high in the bullish territory, hence confirming the strength of the upward momentum after the red histogram. The main line is about to cross the signal one to the upside - combined with the Bollinger Bands squeeze expansion and the bullish Stochastic, the MACD crossing will provide a strong buy signal once it is completed.

We predict that Kyber Network will rise above $1.4 during this upswing, and could even have a quick sprint to $1.7, although it is likely to penetrate that level only with a long upper wick. The finalization of the ongoing bull rally will occur in the area between $1.45 and $1.5, followed by the retracement to $1.3.

Author: Alex Paulson for Crypto-Rating.com
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