Kyber Network (KNC) recently struggled with tether (USDT) after its price was rejected at $5.5. The price of Bitcoin (BTC) rose dramatically from a low of $18,500 to a high of $21,000. The move affected other altcoins as most cryptocurrencies, including Kyber Network, saw double-digit gains (KNC). (Data from Binance)
Kyber Network (KNC) price analysis on weekly chart
The price of KNC is struggling to replicate its recent bullish move which saw the price rise to $5.5 as the price rose with good bullish sentiment.
KNC struggled to stay afloat after falling from a high of $5.5 to a low of $1. The price of KNC has formed a good support at $1, which seems to be a good zone for most traders to enter buy orders.
The KNC price may be poised to end the week on a bullish note ahead of a new weekly candle. With such positive sentiment, we could see KNC reach a high of $3.
KNC price faces resistance at $1.95 as it cannot rise in price; if KNC flips this region, we could see the price rise to $2.5-$3 and beyond.
Weekly resistance at KNC price – $2.5-$3.
Weekly support at the price of KNC – 1 USD.
Price analysis of KNC on a daily (1D) chart
KNC price rejected from $5.5 as it dropped to $1 low; the price of KNC bounced back from this after forming support for delaying sell orders.
The price of KNC rose from a low of $1 to $1.9 before encountering resistance to break above $2.
After forming a bullish uptrend line and staying above it on the daily time frame, KNC price is trying to break above its $2 resistance and trend higher.
On the daily time frame, KNC price is trading at $1.96 and is trying to break and hold above the 200 exponential moving averages (EMA). The $1.95 price corresponds to the 200 EMA, which is the barrier for the KNC price.
KNC must break above the 23.6% Fibonacci retracement level, which serves as resistance to the KNC price. If KNC breaks and closes above this level, the price could rise to $3.
Daily resistance at the price of KNC – 2 dollars.
Daily support at KNC price – $1.7.
KNC price analysis on a four-hour (4H) chart
KNC price remains bullish on the 4H timeframe after breaking out and holding well above its bullish uptrend line. KNC price is trading above 50 and 200 EMA; holding above these levels means that the 50 and 200 EMAs act 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 at the KNC price.
Four-hour durability at the price of KNC – $2.
Four hour support at KNC price – 1.8-1.7 USD.
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