Kyber Network (KNC) has recently struggled against tether (USDT) after its price was rejected at $5.5. Bitcoin’s (BTC) price increased dramatically, rising from a low of $18,500 to a high of $21,000. This movement has impacted other altcoins, as most cryptocurrencies, including Kyber Network, are seeing double-digit gains (KNC). (Data from Binance)
Kyber Network (KNC) Price Analysis On The Weekly ChartÂ
The price of KNC has had difficulty replicating its recent bullish move, which saw the price rally to $5.5 as the price rallied with a good bullish sentiment.
KNC has struggled to stay afloat after falling from a high of $5.5 to a low of $1. The price of KNC has formed good support at $1, which appears to be a good zone for most traders to place buy orders.
The price of KNC may be poised to end the week on a more bullish note ahead of a new weekly candle. With such positive sentiment, we could see KNC reach a high of $3.
The price of KNC is facing resistance at $1.95 as it cannot trend higher in price; if KNC flips this region, we could see the price rising to $2.5-$3 and even higher.
Weekly resistance for the price of KNC – $2.5-$3.
Weekly support for the price of KNC – $1.
Price Analysis Of KNC On The Daily (1D) Chart
KNC’s price was rejected from $5.5 as it fell to a low of $1; the price of KNC bounced from this after forming support to hold off sell orders.
The price of KNC rose from a low of $1 to $1.9 before encountering resistance to breaking above $2.
After forming a bullish uptrend line and remaining above it on the daily timeframe, the price of KNC is attempting to break above its resistance of $2 to trend higher.
On the daily timeframe, the price of KNC is trading at $1.96, attempting to break and hold above the 200 Exponential Moving Averages (EMA). The price of $1.95 corresponds to the 200 EMA, which is a barrier to the price of KNC.
KNC must break above the 23.6% Fibonacci retracement level, which serves as resistance to the price of KNC. If KNC breaks and closes above this level, the price could rise to $3.
Daily resistance for the KNC price – $2.
Daily support for the KNC price – $1.7.
KNC Price Analysis On The Four-Hourly (4H) Chart
KNC’s price in the 4H timeframe remains bullish after breaking out and holding well above its bullish uptrend line. The price of KNC is trading above the 50 and 200 EMAs; holding above these levels indicates that the 50 and 200 EMAs are acting as support for the KNC price.
The 50 and 200 EMAs correspond to prices of $1.8 and $1.7, respectively.
The Relative Strength Index (RSI) for KNC is below 75 on the 4H chart, indicating high buy order volume for the KNC price.
Four-Hourly resistance for the KNC price – $2.
Four-Hourly support for the KNC price – $1.8-$1.7.
Featured Image From Swissborg, Charts From
