Technical Analysis of KyberNetwork

KyberNetwork is designed to provide the instant exchange of digital assets and cryptocurrencies with high liquidity. The KyberNetwork Crystal token (KNC) is used to pay fees on the KyberNetwork platform. According to some estimates, KNC has a bright future because a peer to peer system will become the only way to manage your cryptocurrency and cryptocurrency exchanges will go extinct. In my opinion, this is a highly speculative cryptocurrency and still very risky but lots of analysts agree that KyberNetwork (KNC) is currently at a point where it has the potential to make very big gains. KyberNetwork also provides payment APIs that will allow Ethereum accounts to easily receive payments from any crypto tokens. The positive thing is that lots of partners are already supporting the KyberNetwork, KyberNetwork partners include the likes of interconnecting blockchain network ICON and Ethereum payment service Coinduck among others. When we look at the 1-year chart we can see that KNC is moving in “downtrend”. As long KNC is below $1 this cryptocurrency is in the “SELL” zone. Short term support and resistance levels are $0.15 and $0.30 – If the KNC jumps above $0.4 that would be a “BUY” signal and the open way to $0.6 or even $0.8. If the KNC jumps above  $1 that could be a strong signal of the trend reversal and the open way to $1.5. On the other side, if the KNC falls below $0.15 that will be a strong signal “SELL” signal and the next target could be around $0.10.

Advice: In my opinion, this is a highly speculative cryptocurrency and still very risky, I would invest only a small sum of money in this cryptocurrency. As for the technical picture, the KNC remains in bearish phase but if the price advances above $0.40 next targets could be located around $0.60 and $0.80. On the other side, if the KNC falls below $0.15 that will be a strong signal “SELL” signal and the next target could be around $0.10.

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