- Kyber Network Crystal (KNC) has surged on a 900% volume spike.
- Recent Kyber product upgrades have improved market sentiment.
- Traders should closely watch the support at $0.148 support and the resistance at $0.175.
Kyber Network Crystal (KNC) has jumped by nearly 24% to trade around the $0.16 level at press time.
This move stands out in a market that has otherwise struggled for direction.
While many large-cap cryptocurrencies, including Bitcoin (BTC), posted losses, KNC moved higher with strong conviction, and the rally has drawn attention from traders who are now asking what is really driving the price higher.
Heavy trading activity fueling KNC’s price rally
One of the clearest drivers behind the surge is a dramatic increase in trading activity.
KNC’s 24-hour trading volume has exploded by more than 900%, pushing turnover to levels rarely seen in recent months.
Such a sharp rise in volume often signals aggressive short-term participation from traders looking to capitalise on momentum.
This also explains why the price moved largely independently of BTC, which has declined over the same period.
When volume expands this quickly, even modest buying pressure can translate into outsized price moves, and that appears to be exactly what happened with KNC.
Product updates add to positive sentiment
Although no single announcement directly triggered today’s price spike, Kyber Network has been quietly rolling out updates that have helped improve sentiment around the project.
Kyber Network recently highlighted expanded cross-chain functionality on its flagship product, KyberSwap.
As a result, users can now swap assets across 25 different blockchains using liquidity from eight providers in a single transaction.
This kind of convenience strengthens Kyber’s position in an increasingly competitive DeFi landscape.
The team has also introduced a new feature called Smart Exit on Kyber Earn.
Smart Exit allows liquidity providers to automate how and when they exit positions.
Instead of constantly monitoring charts, users can set predefined conditions for profit-taking, risk management, or time-based exits.
The feature is already live on Base and BNB Chain, with more networks expected to follow.
In parallel, Kyber has continued to form new ecosystem partnerships.
A recent integration with Vaultedge brought the USDVE asset onto KyberSwap, unlocking deeper liquidity and improved routing.
Another upcoming integration with Supernova is expected to further expand Kyber’s liquidity reach.
While these updates did not directly cause today’s spike, they help explain why traders are willing to speculate on upside.
Kyber Network Crystal price forecast
From a technical analysis standpoint, the KNC price has broken above its 30-day simple moving average near $0.148.
This level had acted as a cap for weeks, and clearing it helps reinforce bullish sentiment.
Moving ahead, the $0.148 zone has now become the most important support to watch in the near term.
Holding above this level would suggest that the recent breakout remains intact.
If buyers maintain control, KNC could attempt a push toward resistance around $0.175, and a clean break above that area may open the door to further upside.
On the downside, failure to hold $0.148, especially if trading volume contracts sharply, could trigger a quick pullback.
In that scenario, the next area of interest sits near $0.135, where buyers may look to step back in.
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KNC has lost roughly 7% of its value today as the market becomes bearish.
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Bitizen Wallet has integrated with Kyber Network’s KyberSwap Aggregator.
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The total crypto market cap could drop below $800 billion if the bearish trend continues.
Bitizen Wallet integrates with KyberSwap Aggregator
KNC, the native token of the Kyber Network, has been underperforming over the past few hours. The token has lost roughly 7% of its value in the last 24 hours but could rally higher soon.
The poor performance comes despite Bitizen’s adoption. Kyber Network announced a few hours ago that Bitizen Wallet has integrated with its KyberSwap Aggregator.
We’re excited to announce @BitizenWallet has integrated #KyberSwap Aggregator!
Bitizen users, now YOU can get the best rates when you swap on Bitizen
https://t.co/MSQmrZNhDr: Making DeFi easy for all since 2017 #KyberIsBack pic.twitter.com/OsLIiFRZmX
— Kyber Network (@KyberNetwork) December 7, 2022
Thanks to this latest cryptocurrency news, Bitizen users can now get the best rates when they swap on KyberSwap.
KNC’s poor performance is in line with the broader cryptocurrency market. The crypto market has lost roughly 2% of its value in the last 24 hours, and the total crypto market cap now stands at $839 billion.
Bitcoin, the world’s leading cryptocurrency by market cap, has been struggling below the $17k level since the start of the week. The price of Bitcoin remains below $17k after losing 1% of its value in the last 24 hours.
Key levels to watch
The KNC/USD has turned bearish as Kyber Network has been underperforming over the last few hours. The technical indicators show that the broader crypto market is outperforming KNC at the moment.
The MACD line dipped into the negative zone a few hours ago, indicating that the bears have taken control of the market. The 14-day RSI of 41 shows that KNC is heading into the oversold region if the the bearish trend continues.
At press time, KNC is trading at $0.6281 per coin. KNC could drop below the $0.5785 support level in the near term if the current market conditions persist. Unless the market conditions improve, KNC could test the $0.5402 support level in the near term.
With Bitizen’s adoption, KNC could recover and rally toward the $0.6995 resistance level over the next few hours.
Where to buy Kyber Network now
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
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 Chart
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
The cryptocurrency market will end the week on a positive note after adding more than 2% to its value in the last 24 hours.
The broader crypto market has added more than 2% in the last 24 hours. At press time, the total cryptocurrency market cap stands above $1.26 trillion.
Bitcoin is trading above $30k again after spending the majority of this week below this threshold. Ether, the world’s second-largest cryptocurrency by market cap, is trading at $2,000 again after adding more than 2% over the past few hours.
KNC, the native token of the Kyber Network Crystal, is the best performer amongst the top 100 cryptocurrencies by market cap. Over the last 24 hours, KNC has added more than 24% to its value.
The primary catalyst behind this ongoing rally is the launch of the KyberSwap referral campaign. The Kyber Network team announced via Twitter on Friday that it would be giving away $2,000 in KNC tokens to the lucky winners.
The team said ten random lucky winners would walk away with $200 in $KNC rewards.
Introducing #KyberSwap’s Referral Campaign! $2000 in $KNC Rewards Up for Grabs When You Share!
10 random lucky winners walking away with $200 in $KNC rewards!
Campaign is from 20 May to 26 May so hurry!
Learn how you can participate: https://t.co/HrsA5tIjNN
— Kyber Network (@KyberNetwork) May 20, 2022
Key levels to watch
The KNC/USD 4-hour chart is currently the most bullish amongst the top 100 cryptocurrencies by market cap. The technical indicators show that the coin has outperformed many other coins today.
The MACD line is above the neutral zone, indicating a positive momentum. The 14-day relative strength index of 71 shows that KNC could soon enter the overbought region.
At press time, KNC is trading at $2.779 per coin. If the rally continues, KNC could surge past the first major resistance level at $3.13 before the end of the day. In the event of extended positive performance, KNC could trade above the $3.5 resistance level for the first time in three weeks.
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Kyber Network (KNC) outperformed the market with a 50 percent+ monthly gain after the introduction of Kyber 3.0 and interoperability throughout several decentralized exchanges.
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Volatility appears to rule supreme in the cryptocurrency market, and worry, anxiety, and skepticism are at an all-time high.
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It is difficult for any project to emerge above the cacophony and achieve positive price increases, although a few projects are demonstrating fortitude during the present slump.
KNC is a decentralized exchange (DEX) that operates in a multichannel context and aggregation technology that connects decentralized finance (DeFi) apps and their customers to liquidity sources that offer the highest rates.
The price of KNC has risen 57 percent from reaching a low of $1.18 on Jan. 6 to a continuous peak of $1.87 on Jan. 27 notwithstanding this weakening in the crypto market.
Another factor contributing to KNC’s bullish momentum is the continuing inclusion of new decentralized trading systems into the Kyber Network ecosystem.
Source – TradingView
As a result of the latest developments, the KyberSwap protocol currently supports over 40 DEXs and 31,000 liquidity pools throughout six main blockchain systems. The only other initiatives with comparable availability are ZRX, which has 105 exchange entries, and Uniswap, which has 76.
KNC is widely available on exchanges
KNC is the second-most-present DEX token in terms of exchange availability, and it is now accessible on 80 different exchanges.
There is a positive outlook for KNC on Jan. 22, before the latest price spike. It is based on a score that comprises an algorithmic assessment of past and present market circumstances based on various data sources such as market mood, trading volume, latest price changes, and Twitter traffic.
The Score for KNC surged into the green and reached a peak of 79 on Jan. 22, roughly 35 hours before the price gained 44 percent over the following three days, as seen in the chart above.
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Time Stamps
1:28 Introduction
3:20 Benefits of Kyber
4:32 Kyber Use Cases
8:15 Waterloo
9:20 Katalyst
11:46 Kyber KNC
14:35 Kyber Team & Community Updates
15:29 Conclusion
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Project Resources
► Website: https://kyber.network/
► Whitepaper: https://developer.kyber.network/docs/Start/
► Kyber Developer: https://files.kyber.network/Kyber_Protocol_22_April_v0.1.pdf
► GitHub: https://github.com/kybernetwork
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Socials
► Official Blog: https://blog.kyber.network/
► Twitter: https://twitter.com/kybernetwork
► Telegram: https://t.me/kybernetwork
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Helpful Links
► Waterloo Bridge: https://blog.kyber.network/waterloo-a-decentralized-practical-bridge-between-eos-and-ethereum-1c230ac65524
► Binance DeFi Report: https://research.binance.com/analysis/2020-borderless-state-of-defi
► Katalyst Update: https://blog.kyber.network/katalyst-kyber-protocol-upgrade-and-2020-plans-20427ef47ac6
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Project Overview
The Kyber Network gives users the ability to exchange ERC20 tokens with one another on the Ethereum blockchain in one seamless transaction.
Through the use of smart contracts, the Kyber protocol offers a single interface for the best available token exchange rates to be taken from an aggregated liquidity pool across diverse sources
The Kyber network consists of “takers” that remove liquidity from the protocol by calling the Kyber Core Smart Contract.
On the other side of the market you have your “reserves” which you can think of as your makers. They will provide the liquidity to the network in terms of both token inventory and prices.
Kyber Benefits
– Instant Trade Settlement
– No Partial Trade Execution
– Fully Transparent
– Easy Integration
Upcoming Releases
The Waterloo bridge is bridge between Etheruem and EOS on the Kyber Network. This bridge will open up the entire Eos ecosystem to those who use Etheruem. It will allow for decentralised trading and price discovery in on-chain markets that you have never seen before.
Katalyst is an upgrade that will increase liquidity and general stakeholder participation. They plan to change the way that fees are distributed on the protocol.
With the Katalyst upgrade, this minimum balance requirement will be removed which will hopefully reduce the barrier to integration. There will also be a new fee distribution model that will see fees be given to these market makers as rebates.
You also have KyberDAO which is Kyber’s attempt to strengthen the broader governance of the ecosystem. Essentially, this DAO will bring in a wide array of KNC stakers including the dApps, VCs, wallets etc.
KNC Dynamics
Token burning protocols are set to change with the release of Katalyst. Burning will still take place on the protocol but holders will also have an opportunity to earn more KNC.
With the release of the KyberDAO, staking will be introduced on the Kyber network for the first time. The amount of rewards will be proportional to the amount staked.
Then you have reserve incentives. They will be rewarded for providing liquidity to the system and making markets. Of course, this has broader positive benefits for the entire Kyber Network as it leads to greater liquidity, deeper markets and more trading opportunities.
In more positives, Coinbase recently listed KNC on the main exchange which opens up a sea of additional liquidity for the token.
Team Development
Kyber network has been pretty active across the Ethereum space. They have met developers in multiple regions across the world. From meetups in the Americas to Asia and Europe.
Kyber has also been a stable fixture at numerous devcons around the world. From blockchain week in Germany to EthIndia.
They have also sponsored number of hackathons at these events as well as numerous virtual hackathons
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Disclaimer
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
#Kyber #KNC #crypto #Defi #Review #liquidity #Etheruem #ETH #binance
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