Kyber Network (KNC) Rallies To New 2020 High: Here’s Why $2 Seems Possible

Aayush Jindal

1 year ago

2 mins read

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Kyber Network token price rallied above $1.500 and traded to a new 2020 high against the US Dollar. KNC price is currently consolidating gains and it could continue to rise towards $2.000.

Kyber Network gained traction in the past few days and its token price surged above $1.000 against the US dollar.
The price traded to a new 2020 high at $1.676 and it is currently trading in a strong uptrend.
There is a crucial bullish trend line forming with support at $0.9000 on the daily chart of the KNC/USD pair (data source from Coinbase).
The pair could correct a few points, but it might find bids near $1.400 or $1.340.

KNC Price Could Rally To $2.000

In the past few days, kyber network token price started a significant rally from the $0.5000 support against the US Dollar. KNC outpaced all major cryptocurrencies, including bitcoin, Ethereum, and ripple.

It surged above the $1.000 resistance and settled well above the 100-day simple moving average. It gained more than 150% and traded to a new 2020 high at $1.676. During the rise, it surpassed a crucial barrier at $1.345, which may now act as a strong support.

Moreover, there is a crucial bullish trend line forming with support at $0.9000 on the daily chart of the KNC/USD pair. If there is a downside correction, an initial support could be $1.500.

KNC price above $1.500. Source: TradingView.com

The 23.6% Fib retracement level of the recent rally from the $1.009 low to $1.676 high is also near the $1.510 level to provide support. The first major support is near the $1.345 level (the recent breakout zone).

The $1.345 support is also close to the 50% Fib retracement level of the recent rally from the $1.009 low to $1.676 high. On the upside, the $1.650 and $1.700 levels are immediate hurdles. A successful break above the $1.700 level could open the doors for a sharp rise towards the $2.000 resistance in the coming sessions.

Chances of a Bearish Wave?

If KNC fails to continue higher above $1.700, it could correct lower. The first major support is near the $1.345 level, below which the bulls are likely to defend the $1.100 support.

Any further losses may perhaps put pressure on the bulls and the price could dive towards the trend line support near the $0.900 level in the near term.

Technical Indicators

Daily MACD – The MACD for KNC/USD is gaining momentum in the bullish zone.

Daily RSI (Relative Strength Index) – The RSI for KNC/USD is rising and it is approaching the 80 level.

Major Support Levels – $1.500, $1.345 and $1.100.

Major Resistance Levels – $1.650, $1.700 and $2.000.

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Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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