Kyber Network token price declined recently against the US Dollar, but downsides are limited in KNC/USD. Let’s analyze chart for medium term view.
It is a new system that enables the exchange and conversion of digital assets, provides rich payment APIs and comes with a new contract wallet helping users to seamlessly get payments from any token.
- Kyber Network token price started a declining streak from the $2.40 swing high against the US Dollar (tethered).
- There is a key connecting bearish trend line forming with current resistance at $1.10 on the 4-hours chart of KNC/USD.
- A proper close above $1.10 might push the price towards the $1.40 level.
KNC/USD Medium Term View
Kyber Network token price opened above $2.00 on Binance when it was listed. However, since then it has faced selling pressure and KNC/USD declined below the $2.00 and $1.50 support levels.
Looking at the 4-hours chart of KNC/USD (data feed via liqui exchange), there was a continuous downside move from the $1.50 swing high. The pair broke the $1.40 and $1.30 support levels to trade towards the $1.00 handle.
The $1.00 level is holding the ground very well and preventing more declines. The stated $1.00 level has prevented declines on many occasions. Therefore, it clearly is a major support zone for the token price.
If the pair continues to stay above $1.00 and $0.90, there are chances of an upside reaction. There is a key connecting bearish trend line forming with current resistance at $1.10 on the 4-hours chart of KNC/USD.
The pair needs to break the trend line resistance to open the doors for a push towards $1.50. However, considering the current market sentiment it might be difficult in the short term.
In the medium term, there can be an upside break above $1.20 for a run towards $1.50 or even $2.00.
Prospects for Kyber Network token price above $2.00 and $2.50
There is no doubt Kyber Network team is great, especially the fact that Ethereum’s founder, Vitalik Buterin is on board as an advisor. Their roadmap looks decent and the First mainnet launch, support trading between tokens and ETH are supposed to launch in Q1 2018.
If the team continues to excel and delivers on their promises, there are good chances of KNC/USD gaining momentum above $2.00 in the medium term.
However, it would also depend on how the cryptocurrency world performs in 2018 especially bitcoin and Ethereum. It would be interesting to see if bitcoin price stays above $10,000 for a long time or not and the same goes for ETH/USD above $500.00.
Therefore, keep a close eye on the price movements of all major cryptocurrencies and avoid chasing markers in a rush.
Trade safe traders and enjoy the ride!!!