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Vikram
Apr 9, 2022
by Vikram

KNC Technical Analysis: KNC Buyers Remain Trapped Within A Wedge

KNC
KNC coin price rises higher with the support of a curve but shows a resistance trendline in place. Which side will win as price action fills up the pattern?

Key technical points:

  • The KNC price struggles to surpass the $4 mark.

  • In addition, the market price dips below the 50-day EMA.

  • Finally, the 24-hour trading volume of Kyber Network Crystal is $842.5 Billion, marking a 369.04% rise.

    • Past Performance of KNC

    KNC coin prices retest the $3.75 mark after facing rejection from the $4 level due to increased selling activity. The recovery accounts for a price jump of more than 20% in the last three months. Moreover, the recent support from the 50-day EMA fuels the bullish rally and creates two bullish engulfing candles breaking above $3.75 with a 30% rise. 

    TradingView Chart

    KNC Technical Analysis 

    KNC coin price shows a bullish recovery in motion starting from the $1 mark, resulting in the support curve formation providing multiple bullish reversal points. However, a resistance trendline in action keeps the bullish growth in check and gives the illusion of a wedge pattern. 

    The crucial daily EMAs (50, 100, and 200 days) provide support to the corrections in the uptrend and maintain a bullish alignment. Hence, the EMAs reflect a solid underlying bullishness and increase the chances of a $4 breakout. 

    RSI Indicator: The RSI slope faces another rejection from the overbought boundary in the daily chart after knocking down the 14-day SMA. Hence, the RSI regaining the overbought status will illuminate a buy signal.

    MACD Indicator:  A bullish crossover of the MACD and signal lines in the daily chart reflects an increase in buying pressure and projects a high likelihood of upside continuation.

    In a nutshell, the KNC technical analysis highlights the modified wedge formation and the high likelihood of post-retest reversal from the $3.75 mark.

    Upcoming Trend 

    KNC coin price encounters a massive inflow wave with the $3.75 retest, increasing the chances of resistance trendline breakout. Therefore, the trendline breakout will alarm a buying signal with the potential to reach the $5 mark.

    Contrary to the bullish doctrine, closing below the support curve or $3.35 will nullify the retest phase and result in a downfall below $3.

    Support Levels: $3.50 and $3.35

    Resistance Levels: $4 and $5

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    Kyber Network KNC
    KNC Technical Analysis: KNC Buyers Remain Trapped Within A Wedge
    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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