Kyber Network token value rallied above $1.500 and traded to a brand new all-time excessive towards the US Dollar. KNC value is at the moment consolidating positive factors and it may proceed to rise in direction of $2.000.
- Kyber Network gained traction prior to now few days and its token value surged above $1.000 towards the US greenback.
- The value traded to a brand new all-time excessive at $1.676 and it’s at the moment buying and selling in a robust uptrend.
- There is an important bullish development line forming with assist at $0.9000 on the every day chart of the KNC/USD pair (knowledge supply from Coinbase).
- The pair may right a couple of factors, however it would possibly discover bids close to $1.400 or $1.340.
KNC Price Could Rally To $2.000
In the previous few days, kyber community token value began a major rally from the $0.5000 assist towards the US Dollar. KNC outpaced all main cryptocurrencies, together with bitcoin, Ethereum, and ripple.
It surged above the $1.000 resistance and settled effectively above the 100-day easy transferring common. It gained greater than 150% and traded to a brand new all-time excessive at $1.676. During the rise, it surpassed a vital barrier at $1.345, which can now act as a robust assist.
Moreover, there’s a essential bullish development line forming with assist at $0.9000 on the every day chart of the KNC/USD pair. If there’s a draw back correction, an preliminary assist could possibly be $1.500.
KNC value above $1.500. Source: TradingView.com
The 23.6% Fib retracement degree of the latest rally from the $1.009 low to $1.676 excessive can be close to the $1.510 degree to offer assist. The first main assist is close to the $1.345 degree (the latest breakout zone).
The $1.345 assist can be near the 50% Fib retracement degree of the latest rally from the $1.009 low to $1.676 excessive. On the upside, the $1.650 and $1.700 ranges are speedy hurdles. A profitable break above the $1.700 degree may open the doorways for a pointy rise in direction of the $2.000 resistance within the coming classes.
Chances of a Bearish Wave?
If KNC fails to proceed increased above $1.700, it may right decrease. The first main assist is close to the $1.345 degree, under which the bulls are more likely to defend the $1.100 assist.
Any additional losses might maybe put stress on the bulls and the worth may dive in direction of the development line assist close to the $0.900 degree within the close to time period.
Daily MACD – The MACD for KNC/USD is gaining momentum within the bullish zone.
Daily RSI (Relative Strength Index) – The RSI for KNC/USD is rising and it’s approaching the 80 degree.
Major Support Levels – $1.500, $1.345 and $1.100.
Major Resistance Levels – $1.650, $1.700 and $2.000.
Take benefit of the buying and selling alternatives with Plus500
Risk disclaimer: 76.4% of retail CFD accounts lose cash.