Technical Analysis of KyberNetwork

All major cryptocurrencies are advancing this Tuesday, the price of Bitcoin is very close to $5000 and this is certainly positive for the cryptocurrency market. In only several days the price of Kyber Network has advanced from $0.25 above $0.38 which represents more than 50%. The KyberNetwork Crystal token (KNC) is used to pay fees on the KyberNetwork platform. 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. 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. 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 $0.30 and $0.40 – 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 $0.30 that will be a “SELL” signal and the next target could be around $0.20.

Advice: The cryptocurrency market has posted significant recovery this Tuesday but the negative trend is still strong. 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, 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 $0.30 that will be a “SELL” signal and the next target could be around $0.20.
 
 

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