The cryptocurrency market has posted a minor recovery this trading week but the negative trend is still strong. The first two months of the 2019 year have been very negative for the cryptocurrency market so far and all major cryptocurrencies are still under the pressure. The price of KyberNetwork (KNC) is also pressured by this situation and for now, we can not see the “light” at the end of the tunnel. 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. 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. 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. 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 $0.10 and $0.20 – 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 $0.10 that will be a strong signal “SELL” signal and the next target could be around $0.05.
Advice: 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. 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 $0.10 that will be a strong signal “SELL” signal and the next target could be around $0.05.
I am a professional forex, cryptocurrency and stock trader looking for more opportunities to penetrate the field. Writing, research, analysis, are all things I enjoy doing aside from the core trading practice as they provide a deeper perspective of market activity. I am well versed in technical analysis as well as sentiment behavior. I have 10 years experience in stock and currency markets ( analysis and trading), I am also an experienced cryptocurrency analyst. I have been writing business, finance, stock articles for over five years. My biggest strength is in technical analysis