Kyber Network is one of the top gainers among coins from Coinmarketcap’s top 100 rankings. Traders who went long on KNC a month ago had the chance to earn profits in the amount of 121% - an achievement which places Kyber Network at the sixth place among the best profit providers from the previous 30 days, behind Everus (EVR) - 225%; ICON (ICX) - 159%; the well-performing Tezos (XTZ) - 124%; OKB (OKB) - 125%; AION (AION) - 124%, as of the time of writing. Even in the last seven days, KNC has ballooned in price by 32%, thus making this coin an attention-grabber for all traders who want to make money on the booming altcoin markets.
Kyber Network is a blockchain-based liquidity protocol that provides means for incorporating a token swap feature into virtually any decentralized application. Basically, thanks to the Kyber Network Protocol, users are able to instantly exchange crypto coins for certain purposes directly in the dApp, without having to use intermediary exchange gateways.
This solution is oriented primarily on e-commerce platforms, projects that work in the area of decentralized finance (DeFi), and developers of digital cryptocurrency wallets.
Kyber Network is presently ranked 67th on Coinmarketcap since the project has a relatively small market capitalization - $98 million, while the coin itself hasn’t been traded actively up till the recent mega-pump which coincided with the drop in Bitcoin dominance and the resulting resurgence of altcoins, widely referred to as the altseason. Due to these reasons, the weighted trading volume of KNC had catapulted from the unimpressive $4,5 million to more respectable $34 million in less than a month.
As of the time of writing, Kyber Network is priced at $0.56 per coin, whereas its all-time high stands at $8, which is 93% more than its current value. But give it another month or two of similar gains, and we will definitely see this coin reaching new maximums.
By looking at the weekly KNC/USDT chart, we can clearly see that the present market is overheated due to the fact that the coin has been making gains ceaselessly for the last six weeks, sending the 14-period RSI above 80, which is an extremely overbought area.
1-week KNC/USDT chart
Moreover, the Bollinger Bands look absolutely overextended after a squeeze, from which Kyber Network went to the upside on the back on the bullish engulfing pattern. Therefore, the mid-term prognosis regarding KNC is obvious: in the next three to five weeks, the price will see a pullback to an area around the midline of Bollinger Bands that is now located at $0.25, accompanied by the RSI drop below 60.
Traders should also pay attention to the KNC/Bitcoin market since it is the most liquid, along with the Ethereum one.
1-day KNC/BTC chart
Here we see a situation that is identical to the one that is forming on the USDT market - the altcoin has been growing massively since the beginning of the year - by 176% - and is now seeing retracement beginning to occur. Should that price decrease be a healthy one, it shouldn’t go below 4500 - 5000 satoshis, which constitutes a healthy retracement percentage. Otherwise, we could witness a crack in the trend structure.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||64.8%||74||$61 393.62||1.16%||0.83%||$1 157 410 091 263|
|2||ETH||Ethereum predictions||72.4%||59||$4 171.66||5.07%||8.92%||$492 462 196 227|
|3||BNB||Binance Coin predictions||70.8%||62||$485.63||1.44%||4.21%||$81 003 906 943|
|4||ADA||Cardano predictions||87.2%||13||$2.17||0.55%||-0.57%||$71 272 162 809|
|5||USDT||Tether predictions||91.6%||1||$1.000858||0.10%||0.08%||$69 633 809 415|
|6||SOL||Solana predictions||73.2%||57||$197.70||0.65%||25.50%||$59 473 993 983|
|7||XRP||XRP predictions||74%||49||$1.094497||0.56%||-3.58%||$51 382 650 889|
|8||DOT||Polkadot predictions||64.4%||81||$44.05||1.38%||5.54%||$43 502 840 639|
|9||DOGE||Dogecoin predictions||69.2%||56||$0.251733||3.08%||6.09%||$33 181 970 119|
|10||USDC||USD Coin predictions||93.2%||1||$1.001199||0.09%||0.12%||$32 582 792 876|
|11||LUNA||Terra predictions||68.8%||64||$43.19||-0.98%||18.00%||$17 337 793 703|
|12||UNI||UniSwap predictions||80.4%||41||$26.81||4.59%||-0.80%||$16 400 871 282|
|13||LINK||Chainlink predictions||74.4%||44||$31.43||9.66%||15.36%||$14 490 192 645|
|14||AVAX||Avalanche predictions||68.8%||60||$65.44||-0.09%||13.84%||$14 415 133 233|
|15||WBTC||Wrapped Bitcoin predictions||65.6%||75||$61 406.63||1.11%||0.83%||$13 619 540 827|
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