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Vikram
May 18, 2022
by Vikram

KNC Technical Analysis: Berserk Bulls Soon To Reach $3 

KNC
KNC prices find an overwhelming rise in buying pressure as it jumps 86% in the last six days. Should you expect a prolonged uptrend reaching $3?

Key technical points:

  • KNC prices grew 50% in the past 24 hours.

  • The bull run surpasses the $2.25 price action.

  • The 24-hour trading volume of Kyber Network Crystal is $471 Million, indicating a 516% upsurge. 

    • Past Performance of KNC

    KNC prices breached the psychological mark of $2 on 11th May during the downfall observed in the starting two weeks of May. The correction phase took support at $1 with a lower price rejection which fueled the ongoing recovery. Coming to the recovery rally, it has increased the market value by 86% and breached the $2.25 mark increasing the chances of prolonged buying. 

    TradingView Chart

    KNC Technical Analysis 

    As per the 4-hour chart of the KNC/USD chart, the ongoing recovery finds bullish commitment with an increase in trading volume. Hence, the breakout rally might shortly breach the next bearish opposition at the 100 EMA to approach the $3 mark.

    Speaking of EMAs, the crucial 50, 100, and 200 EMAs maintain a bearish alignment with the 200 EMAs, coinciding with the $3 mark. This increases the chances of the 100 EMA breakout rally will reach $3.

    The phenomenal uptrend in RSI slope from the oversold territory creeps into the overbought territory within a week. Hence, the RSI represents a surge in underlying bullishness. Furthermore, the DI lines continue to diverge in a bullish alignment with the ADX line gradually turning around (upward) reflecting a surge in bullish momentum. 

    That is why the momentum indicators side along with the KNC buyers and forecast an uptrend to the $3 mark.

    Upcoming Trend

    If the buying pressure sustains throughout the day, KNC prices will shortly overcome the selling at 100 EMA and propel the bullish sail to $3. 

    Preparing for the opposite, a reversal from the EMA leading to closing under $2.25 will mark a bullish failure. In this case, the downtrend will retest the support level of $2.

    Support Levels: $2.25 and $2

    Resistance Levels: $2.5 and $3

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    KNC Kyber Network Crystal
    KNC Technical Analysis: Berserk Bulls Soon To Reach $3 
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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