Kyber Network Crystal (KNC) Analysis: 20% Upside Move?

Kyber Network Crystal (KNC) serves as the native token of the Kyber Network, a decentralized liquidity protocol on Ethereum designed to aggregate liquidity for decentralized applications (DApps), cryptocurrency wallets, and decentralized finance (DeFi) platforms.

Falling Wedge usually results in a bullish breakout. When price breaks the upper trend line the price is expected to trend higher.

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KNC Price Analysis

• Current Price: $0.43
• Market Cap: Approximately $74.1 million
• Fully Diluted Market Cap: Around $104.3 million
• 24h Trading Volume: $11.1 million
• Circulating Supply: 170.1 million KNC
• Total Supply: 252.3 million KNC

Img src- Altfins

Trends are improving. Breakout from Falling Wedge pattern, above $0.45 resistance, signaled a bullish trend reversal with upside potential to $0.58 resistance. Stop Loss at $0.40. Now the price is retesting that breakout level.

Weekly Price Analysis

Over the past week, KNC has shown a slight decline, mirroring broader trends in the DeFi and altcoin markets.

Trend: Short-term trend is Strong Down, Medium-term trend is Strong Down, Long-term trend is Strong Down.

Momentum: Price is neither overbought nor oversold currently.

Support and Resistance: Nearest Support Zone is $0.36. Nearest Resistance Zone is $0.45, then $0.58.

Key Indicators and Metrics

• Market Sentiment: Slightly bearish, with price and trading volume declining over the past month.
• Moving Averages: KNC’s short-term moving averages indicate a potential consolidation phase, with support around $0.43.
• Relative Strength Index (RSI): RSI currently suggests KNC is in a neutral zone.

News Roundup

Kyber Network has made strides in securing and diversifying its ecosystem. Recently, the network suffered a security breach on its KyberSwap Elastic protocol, affecting its Total Value Locked (TVL) significantly.

Kyber has reinforced its focus on security and plans to introduce additional liquidity protocols under Kyber 3.0, designed to optimize user experience on KyberSwap.

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