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
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.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||90.4%||11||$23 380.70||0.17%||-3.40%||$447 157 628 342|
|2||ETH||Ethereum predictions||70.8%||57||$1 869.86||1.61%||-1.45%||$228 155 524 371|
|3||USDT||Tether predictions||92.8%||1||$0.999993||-0.01%||-0.04%||$67 548 986 277|
|4||USDC||USD Coin predictions||91.2%||1||$1.000029||0%||0%||$52 886 639 732|
|5||BNB||Binance Coin predictions||67.6%||63||$303.57||-0.72%||-6.93%||$48 976 512 442|
|6||XRP||XRP predictions||88.4%||10||$0.378670||0.61%||-0.53%||$18 697 813 591|
|7||BUSD||Binance USD predictions||95.6%||1||$1.000243||0.01%||0.03%||$18 378 237 848|
|8||ADA||Cardano predictions||82%||27||$0.530629||-1.09%||-0.83%||$17 902 912 179|
|9||SOL||Solana predictions||79.6%||35||$41.02||1.30%||-5.16%||$14 308 783 900|
|10||DOGE||Dogecoin predictions||83.6%||28||$0.077728||-3.21%||8.84%||$10 312 196 275|
|11||STETH||Lido stETH predictions||90.8%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|12||HEX||HEX predictions||67.6%||66||$0.055595||-5.79%||-7.70%||$9 640 858 436|
|13||DOT||Polkadot predictions||69.6%||55||$8.41||-0.02%||-9.45%||$9 324 984 454|
|14||SHIB||SHIBA INU predictions||74.4%||43||$0.000014||-3.43%||14.71%||$7 823 746 490|
|15||AVAX||Avalanche predictions||72%||62||$25.38||-1.16%||-12.36%||$7 233 452 158|
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