Bitcoin
BTC$60 506.94

6.81%

Ethereum
ETH$3 323.07

2.33%

Tether
USDT$1.000437

0.01%

Binance Coin
BNB$409.88

3.60%

Solana
SOL$116.31

6.82%

XRP
XRP$0.572365

-1.88%

Kyber Network (KNC) is Stuck at the Macro Resistance


August 2020

Since Kyber Network (KNC) is the token that’s taking an active part in the ongoing DeFi frenzy, it’s no wonder that it has been rallying significantly over the past several months.

Just a quick reminder that KNC represents an on-chain liquidity protocol that provides means for incorporating the token swaps and ERC-20 payment features into virtually any decentralized application on Ethereum. Therefore, Kyber Network is supplementing a very important functional capability to many products related to decentralized finance, so its fundamental value for the given niche is beyond question.

Understandably, the value that KNC brings to the table should translate to decent bullish price action. Indeed, Kyber Network has made stunning progress over the past year, having gained 782% against USD; 684% in the BTC market; 330% when paired with ETH. This made KNC one of the best performers on the entire market, rivaled only by a few other altcoin prodigies, such as Aave (LEND) with its mind-boggling 20,000% gain, Ocean Protocol (OCEAN) that went up in value by 2,500%, and several other altcoins.

Nevertheless, even such the applause-deserving performance still leaves Kyber Network at a very large distance of 80% from the all-time high at $6 - the token is currently priced at $1.61, established after a very modest 7% price appreciation over the past month. It is evident from the performance table below that KNC has been slowly drained of the upside energy by the sellers, forcing its gains to stumble for a while, confirmed by the price action on the charts.

KNC performance profile

Kyber Network stumbles at the first macro resistance level


For a comprehensive Kyber Network price analysis, let’s take a look at the price action on the weekly chart first to determine the key levels of support and resistance that the price is going to interact with on its presumed path to the mentioned all-time high.

1-week KNC/USDT chart

Considering the drop in trading volume over the past two weeks, and the prevalence of sellers, we presume that the bulls are far from being ready for a breakout, which leaves KNC gridlocked between the support at $0.87 and the resistance at $1.95 for the time being. Look for the spike in bullish volume as the first prerequisite of the impending bull rally.

The occurrences on the daily time frame confirm the notion that the bullish momentum is fading.

1-day KNC/USDT chart

We see the shrinkage of upside impulses, accompanied by the increasing retracement, which is a sure sign that the sellers are mounting the pressure, as evident from the bearish divergence on RSI, so traders should expect that ongoing pullback could be deeper than the previous one and take KNC to the support at $1.26 or even slightly below it.  

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): In the Middle of Yet Another Upswing
Kyber Network (KNC): In the Middle of Yet Another Upswing
Kyber Network (KNC) About to Make a Decisive Move
Kyber Network (KNC) About to Make a Decisive Move
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 62.4% 76 $60 506.94 6.81% 17.78% $1 188 373 024 325 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 60% 80 $3 323.07 2.33% 13.59% $399 270 630 707 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92% 1 $1.000437 0.01% 0.05% $98 433 906 633 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 68.8% 69 $409.88 3.60% 9.61% $61 293 901 306 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 78.4% 41 $116.31 6.82% 11.46% $51 478 731 317 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 81.6% 29 $0.572365 -1.88% 4.85% $31 247 828 742 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 93.2% 1 $0.999818 0% -0.02% $28 723 757 433 USDC 7 days price change
8 Cardano (ADA) ADA Cardano predictions 66% 66 $0.626473 0.27% 5.94% $22 225 630 080 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 82% 27 $0.114147 16.76% 35.93% $16 353 064 712 DOGE 7 days price change
10 Avalanche (AVAX) AVAX Avalanche predictions 74% 50 $40.12 2.28% 7.90% $15 132 487 988 AVAX 7 days price change
11 TRON (TRX) TRX TRON predictions 71.2% 63 $0.141938 -0.62% 1.77% $12 488 460 496 TRX 7 days price change
12 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 72% 61 $0.141829 -0.60% 2.04% $12 478 895 075 WTRX 7 days price change
13 Chainlink (LINK) LINK Chainlink predictions 76% 44 $19.16 0.36% 4.34% $11 251 240 626 LINK 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 74% 48 $8.23 -1.13% 10.85% $10 565 653 529 DOT 7 days price change
15 Lido stETH (STETH) STETH Lido stETH predictions 93.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 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.

© 2015-2024 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.