Kyber Network (KNC) Ticks All Bullish Sentiments, Can Price Go To $3?
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Kyber Network (KNC) has recently been battling tether (USDT) after its price was rejected at $5.5. The price of Bitcoin (BTC) rose dramatically, rising from a low of $18,500 to $21,000. This move has affected other altcoins as most cryptocurrencies, including Kyber Network, are seeing double-digit gains (KNC). (Binance information)
Kyber Network (KNC) price analysis on weekly chart
KNC’s price has struggled to replicate its recent rally, which saw the price rise to $5.50 after a good rally.
KNC is struggling to stay afloat after falling from a high of $5.5 to $1. The price of KNC has formed a good support at $1, which seems to be a good zone for most traders to place buy orders.
The price of KNC may be ready to end the week more bullish before a new weekly candle. With such positive sentiments, we can see KNC reaching a high of $3.
KNC’s price is resisting $1.95 because it can’t go up in price; If KNC reverses this range, we could see the price rise 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 price analysis on daily (1D) chart
KNC was rejected from $5.5 as it fell to a low of $1; KNC’s price bounced from this after forming support for delaying sell orders.
KNC price rose from a low of $1 to $1.9 before facing resistance to break above $2.
After forming an ascending uptrend line and staying above it on the daily time frame, KNC price is trying to break above its $2 resistance to the upside.
On the daily time frame, the price of KNC is trading at $1.96, trying to break and hold above the 200 exponential moving average (EMA). The price of $1.95 corresponds to the 200 EMA, which is a barrier to the price of KNC.
KNC needs to break the 23.6% Fibonacci retracement level, which acts as resistance for KNC’s price. If KNC breaks and closes above this level, the price could rise to $3.
Daily resistance for KNC price – $2.
Daily support for KNC price – $1.7.
KNC price analysis on a four-hour (4H) chart
KNC price on the four-hour time frame remains bullish after breaking out and staying well above the rising uptrend. KNC price is trading above 50 and 200 EMA; a hold above these levels indicates that the 50 and 200 EMAs are supporting the KNC price.
The 50 and 200 EMAs correspond to prices of $1.8 and $1.7, respectively.
KNC’s Relative Strength Index (RSI) is below 75 on the 4H chart, indicating high buy order volume at KNC price.
Four-hour resistance to KNC price – $2.
Four-hour support for KNC price – $1.8-$1.7.
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