Kyber Network (KNC) Ticks All Bullish Sentiments, Can Price Go To $3?

Kyber Network’s (KNC) struggle against USDT (tether) recently after the price of its currency was set at $5.5. Bitcoin’s (BTC) price increased dramatically, rising from a low of $18,500 to a high of $21,000. Other altcoins have also been affected by this movement, with most cryptocurrencies including Kyber Network seeing double-digit gains. Data from Binance

Kyber Network’s (KNC) price analysis on the Weekly Chart 

KNC’s price has not been able to replicate its bullish rally, which saw it rise to $5.5 after being fueled by bullish sentiment.

KNC is having trouble staying afloat since falling from $5.5 to $1. KNC’s price has found support around $1 which seems to be an ideal zone for traders to place buy order.

KNC could be on track to close the week in a more bullish tone ahead of another weekly candle. KNC could reach $3 if there is such positive sentiment.

KNC prices are currently facing resistance at $1.95. It cannot trend higher; if KNC wins this area, then we may see the price rise to $2.5-$3.

Weekly resistance for the price of KNC – $2.5-$3.

Weekly support for the price of KNC – $1.

Prices Analysis of KNC on the Daily (1D), Chart

Source: KNCUSDT on| Source: KNCUSDT On

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.

KNC’s price rose to $1-$1.9, before it encountered resistance and broke above $2.

KNC has formed a bullish upward trend line, and is currently above it daily. The price of KNC is now trying to surpass its resistance at $2 in order to trend higher.

KNC trades at $1.96 daily, trying to hold and surpass 200 Exponential Moving averages (EMA). It is worth noting that the $1.95 price corresponds with the 200 EMA. This barrier will prevent KNC from rising to its full potential.

KNC has to break the 23.6% Fibonacci resistance level. KNC may rise up to $3 if the price breaks above and closes at this level.

Daily resistance for the KNC price – $2.

Daily support for the KNC price – $1.7.

KNC Price Analysis on The Four-Hourly (4H), Chart

Source: KNCUSDT on| Source: KNCUSDT On

KNC’s price in the 4H timeframe remains bullish after breaking out and holding well above its bullish uptrend line. KNC’s price is above its 50- and 200-EMA levels. A stay above these levels means that KNC prices are supported by the 200 and 50 EMAs.

Prices of $1.8 to $1.7 are represented by the 50 and 200 EMAs, respectively.

KNC has a low Relative Strength Index (RSI), below 75, on the 4H Chart. This indicates that there is a high amount of buy orders.

Four-Hourly resistance for the KNC price – $2.

Four-Hourly support for the KNC price – $1.8-$1.7.

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