Kyber Network’s KNC Jumps 16.5% in Two Days, Eyeing a 60% Rally

2020-8-5 13:59

KNC, the native token of Kyber Network – an Ethereum-based decentralized exchange, surged by circa 16.5 percent in just two days. The cryptocurrency’s latest jump appeared as Bitcoin rally paused below $12,000. Meanwhile, the KNC/USD exchange rate is trending inside a technical pattern that points to a 60 percent breakout move.

DeFi token KNC showed signs of a healthy recovery after plunging by almost 40 percent from its all-time high at $2.05.

A 60% KNC Rally Expected

The Kyber Network’s asset surged by about 16.25 percent from its session low at $1.05, a rebound that appeared as Bitcoin’s rally paused below its year-to-date high around $12,000. At its weekly high, the KNC/USD was trading at 1.608.

KNC/USD rebounds by 16.5 percent from its Sunday low at $1.05. Source: TradingView.com

Zooming out on the KNC’s intraday moves showed it trading inside a broader Symmetrical Triangle pattern. The range, as shown in the chart above, gets validated when an asset forms at least two lower highs and higher highs. That results in two converging trendlines meeting at an apex.

Technically, a Symmetrical Triangle is a continuation pattern. It sends the price in the direction of its previous trend. In KNC’s case, the Triangle has formed following an explosive 178 percent price rally. That means the DeFi token should continue trading higher following a breakout above the Triangle range.

Ideally, the length of the breakout action comes to be as much as the maximum height of the Triangle. In KNC’s case, it is about $1.04, which puts the cryptocurrency’s upside target $1.04 higher from the point of the breakout.

A Parallel Technical Setup: Bull Flag

Away from the Symmetrical Triangle pattern, KNC/USD is also painting a parallel technical setup: Bull Flag.

KNC/USD bull flag formation. Source: TradingView.com

The long-term upside targets for a Bull Flag setup is the same as the Symmetrical Triangle one. Here, a successful breakout should lead the KNC price higher, albeit by as much as the height of the flagpole that led to the formation of the Flag. The height of the flagpole is $1.04.

Meanwhile, the short-term price targets that could confirm an extended upside are measured per the height of the flag itself. That is roughly $0.33.

Therefore, if KNC/USD breaks above the Flag resistance, then it should log a run towards $1.95. Similarly, a breakdown below the Flag support could cash the pair anywhere between $1 and $0.735.

Fundamentals

The overall rally in the KNC market follows its protocol upgrade called “Katalyst.” It now enables the Kyber Network users to stake their KNC tokens in the KyberDAO to make changes to its network.

“Token holders who participate in this governance process will be paid in ETH generated from exchange fees which will also be redirected towards reserve rebates for Fed Price Reserve and a KNC burn (65%, 30%, 5%, respectively),” read an analysis by Messari on the Kyber Network’s new economic model.

It is possible that traders are accounting for the major upgrade in their long-term investment perspective concerning KNC. Meanwhile, it is also possible that traders merely want to speculate on booming altcoins as long as Bitcoin trades below $12,000.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

KingN Coin (KNC) на Currencies.ru

$ 19.66 (-0.47%)
Объем 24H $3
Изменеия 24h: 7.06 %, 7d: -11.66 %
Cегодня L: $19.66 - H: $20.12
Капитализация $39.49k Rank 99999
Доступно / Всего 2.009k KNC / 420k KNC

two days kyber rally knc network jump

two days → Результатов: 126


Фото:

Fed Pledges Additional Stimulus, Adding Fuel to Bitcoin and Gold’s Momentum

As the United States Fed prepares to issue additional stimulus and economic relief efforts, assets like Bitcoin and Gold are gearing up for yet another leg up. How will the latest move to save the economy from a devastating depression impact these two, scarce, safe-haven assets in the days ahead? Federal Reserve Delivers Somber News About Economy, Pledges More Stimulus If Necessary This morning, Federal Reserve Chairman addressed the world via a webcast and revealed […]

2020-5-13 19:55


Bitcoin dominance on display as altcoins - XRP, LINK, Dogecoin endure significant losses

After witnessing bull run since the end of April, the king coin - Bitcoin's fortunes saw a reversal in its trading price during the course of the past two days. However, Bitcoin's price action has infThe post Bitcoin dominance on display as altcoins - XRP, LINK, Dogecoin endure significant losses appeared first on AMBCrypto.

2020-5-10 12:00


Фото:

Countdown to Block Reward Reduction – 18 Days Until Bitcoin Cash Halving

In 18 days, the Bitcoin Cash (BCH) network will see its next halving as the block reward will decrease from 12.5 to 6.25 coins on or around April 8, 2020. BCH will be the first blockchain out of the top three SHA256 networks to halve as BSV will see a reward reduction two days after […] The post Countdown to Block Reward Reduction – 18 Days Until Bitcoin Cash Halving appeared first on Bitcoin News.

2020-3-21 21:10


Bitcoin is up 24% in 2 days, but it’s showing two key signs of a local top

The Bitcoin price has recovered by 24 percent in the last 32 hours from around $4,394 to $5,500. It has since stabilized at $5,300, but it is now showing two signs of a local top. What are the two signs Bitcoin is showing? While the Bitcoin price has shown a promising upsurge since March 16 […] The post Bitcoin is up 24% in 2 days, but it’s showing two key signs of a local top appeared first on CryptoSlate.

2020-3-18 21:22


Whale Transfers Bitcoin Worth $10 Million to Bitstamp; Dump Incoming?

Bitcoins worth $10 million dollars have been transferred to the cryptocurrency exchange Bitstamp from an unknown wallet address. Will BTC dump again?  Just two days after Bitcoin’s biggest crash in over 10 months, falling from a value of around $7200 per BTC to under $5500 where it currently resides, a huge transfer of the cryptocurrency has taken place today.

2020-3-14 19:04