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)
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.
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’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