Technical Analysis of KyberNetwork

KyberNetwork was one of the best performers on the cryptocurrency market in the first three months of the 2019 year, in less than 90 days the price of KyberNetwork has advanced from $0.13 above $0.40 but the current price stands around $0.20. 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. 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. The beginning of May has been very positive for the cryptocurrency market so far, the price of Bitcoin is above $6000 and this is certainly a positive thing for all other cryptos. 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 $0.20 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 $0.20 that will be a “SELL” signal and the next target could be around $0.15.

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.