Kyber Network Technical Analysis: KNC/USD under consolidation after a massive 100% rally
- KNC/USD reacted positively to the listing on Binance and broke $1.
- KNC is under a healthy consolidation and it’s looking for more gains.
Kyber’s performance has been excellent for the past week and it is now locked inside a consolidation period. The digital asset was trading as low as $0.259 on March 13 and started to see a significant increase in trading volume shortly after. KNC/USD is up by more than 400% since its lowest point in March.
KNC/USD daily chart
KNC’s retracement is extremely healthy and buyers have been holding the daily 12-EMA and the 26-EMA so far. The daily chart is practically an equilibrium pattern at this point with a lower high or double top at $1.35 and a higher low at $1.04. A break of any of these two levels would most likely turn into a notable move in that direction.
The RSI is still overextended and could be a bit problematic for KNC in the short-term. The 12-EMA is established at $1.08 and the daily trading volume is slowly declining.
KNC/USD 4-hour chart
The equilibrium pattern is visible in the 4-hour chart as well. Clearance of the $1.26 level will allow bulls to continue with their strong momentum. This current correction has posed no threats to the buyers as they are holding the EMAs even on the 4-hour chart.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
