Kyber Network Price Prediction: KNC market value could nearly double
|- Kyber Network price is up 20% today, becoming the fourth best-performing cryptocurrency today.
- Daily volume is running twice the 50-day average.
- Meanwhile, the Relative Strength Index (RSI) confirms KNC is not overbought.
Kyber Network price has aggressively broken out into new yearly highs on March 17. The surge is coming after a month-long corrective period above the 10-week simple moving average (SMA).
Kyber Network price targets higher highs
The breakout from a cup-base on the weekly chart is a continuation of a larger advance that began at the end of December 2020 and has lifted Kyber Network price over 300% at the most recent high.
From a macro perspective, KNC is currently hovering above the 1.382 Fibonacci extension level at $2.57, but it is being rejected by the 1.618 Fibonacci extension level at $2.89.
The bullish outlook remains live if Kyber Network price can hold above the $2.57 support level on a weekly closing basis. A weekly close at the high of the candlestick could be better since it would be the first time KNC has done that since the rally began in December 2020.
An additional upside target is the 2.618 Fibonacci extension level at $4.52, which would represent a 78% advance from the February 13 high.
KNC/USD weekly chart
A failure to hold above the $2.57 support could lead to a downswing to the next interest area at $2.35. Moving past this level can lead to another bearish impulse to $2.05 or the 10-week SMA at $1.85.
Big failed breakouts often trigger significant declines.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.