Kyber Network creates bridge between traditional finance and DeFi while KNC attempts to recover


  • Kyber Network has released a new infrastructure aimed at participating in DeFi.
  • KNC is trading inside a descending triangle pattern, awaiting a clear breakout. 

Kyber Network has just released the KyberPRO framework intended for on-chain market making. According to the team behind the launch, current automated market makers are not optimal and offer no control over the pricing. 

KyberPRO - The new market-making service for DeFi liquidity 

Providing liquidity can be a tough job, especially if the user intends to run a profitable operation. Most processes are simply too expensive, and the risk of losing capital due to impermanent loss is high. KyberPRO wants to solve this issue by providing a new and robust liquidity system and technical support to enable market makers to join DeFi easily.

It seems that some big players are already joining or looking into the new service. DV Chain and OneBit Quant have shown interest in KyberPRO and are currently exploring all the marketing making opportunities available. Garrett See, CEO of DV Chain, stated:

DV Chain has worked closely with Kyber Network to help bridge the gap between traditional trading and DeFi. We strongly believe that the solutions Kyber is building are of great importance to our industry and to the future of the digital economy.

KNC could be on the verge of a significant breakout

KNC is currently trading at $0.92 inside a daily descending triangle pattern. The pattern's lower trendline has served as a robust support level defended on several occasions from September to October. 

KNC/USD daily chart

knc price

The current price is close to the upper trendline at $0.98. The MACD has been bullish since September 25, and it's gaining momentum again. A breakout above the pattern's upper trendline can easily push KNOC up to the 200-SMA at $1.14 and as high as $1.32, where the 100-SMA stands.

KNC New Addresses and Active Addresses Chart

knc price

Additionally, it seems that there is some positive on-chain activity for KNC in the past seven days, which coincides with the increase in prices. The number of new addresses joining the network and daily active addresses increased notably in the past week.

The bearish scenario for Kyber Network 

On the 12-hour chart, it seems that bears could be taking over after the price slipped below the 50-SMA, possibly turning it into a resistance level. The MACD is also losing strength and close to a bear cross. The most important support level is established at $0.86, a breakout below this point can drive KNC to $0.7. 

KNC/USD 12-hour chart

knc price

It's also notable that the recent announcement of the new KyberPRO services for market making on DeFi projects has not positively affected the price of KNC. This could be another bearish indicator in the short-term.

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Three reasons why Bitcoin price is about to crash

Bitcoin is changing hands around $19,000. The pioneer digital currency lost over 1% in the past 24 hours; however, it is still in the green zone on a week-to-week basis. BTC celebrated the beginning of the first winter month with a new all-time high at $19,915.

More Bitcoin News

XTZ massive takeoff to $3 is in the offing

Tezos is trading at $2.4 following an impressive recovery from the recently established support at $2.16. The breakdown necessitated the upswing at the beginning of December from a price level of around $2.6. 

More Tezos News

Renowned analyst affirms Uniswap price is poised to skyrocket by more than 133%

Uniswap is up 5% in the last 24 hours despite rejection from levels above $4. The decentralized finance (DeFi) token seeks higher support before resuming the uptrend, likely to lead to a 133% rally in the near term.

More Uniswap News

Crypto market bull-run brakes ahead of the weekend magic

The cryptocurrency market is painted in green, apart from a few crypto assets like Polkadot, Uniswap, Yearn.Finance and Huobi Token. Bitcoin is up a subtle 0.9% in the last 24 hours, while Ethereum is trading 2.3% higher.

More Bitcoin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC teetering on the verge of an abyss after conquering a new all-time high

Bitcoin lived through a momentous week. The pioneer digital currency hit the new all-time high at $19,915 and stopped within a whisker of a crucial $20,000. 

Read the weekly forecast

BTC

ETH

XRP