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.

 

 

About Stanko 84 Articles
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

Be the first to comment

Leave a Reply

Your email address will not be published.


*