Lorenzo Stroe
Independent Analyst
- KNC/USD surged to $0.896 from a daily low of $0.755.
- The KNC/BTC pair is now in favor of KNC after a clear bull break with continuation.
Kyber Network has been in a daily uptrend for quite some time now and was trading as low as $0.18 in January 2020. KNC has not only seen a massive surge in price but also its trading volume going from an average of only $3-4 million to $40 million or more, currently. The KNC/BTC pair had a decent bull break yesterday on June 8 but the massive continuation we are seeing now it’s a clear confirmation of the breakout.
Various exciting news are pushing Kyber Network value up
One of the biggest announcements from KNC was the switch to a staking model in the second quarter of 2020. The number of addresses with KNC surged to an all-time high back on April 27. Similarly, the trading volume and active addresses have also increased significantly.
The Kyber Network already supports more than 70 Ethereum tokens and has announced yet another one today, on June 9. The Quant Network token (QNT) will be supported by KNC which plans to add an automated price reserve for it. KNC also plans to add support for delegated staking which will allow users to delegate their tokens to staking pools. This upgrade is set to be finished by the end of June.
KNC/BTC daily chart
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