Home Cryptocurrency Kyber Network (KNC) Technical Analysis: January 27, 2019

Kyber Network (KNC) Technical Analysis: January 27, 2019

The beginning of the 2019 year was not good for the cryptocurrency market, all major cryptocurrencies are falling and the price of Bitcoin is still below $4 000. The price of Kyber Network (KNC) is also pressured by the weakening of Bitcoin and until Bitcoin recovers the price of KNC will not see any major developments in the near future. The price of KyberNetwork has weakened more than 90% in the last 12 months, the current support level of this cryptocurrency stands around $0.10 but according to technical analysis, the downtrend is not over yet. KyberNetwork is an on-chain protocol which allows instant exchange and conversion of cryptocurrencies with high liquidity. According to some analysts, a peer to peer system will become the only way to manage your cryptocurrency and cryptocurrency exchanges will go extinct. KyberNetwork also provides payment APIs that will allow Ethereum accounts to easily receive payments from any crypto tokens. I found out that lots of analysts agree that the upside is massive but the risk is extremely high ( this is also my opinion).

Technical analysis

The price of KNC currently stands around $0.13 and at this value, the total market cap of KNC Coin is around $30 million. According to technical analysis, everything indicates that the price could fall even more. On this chart, I marked resistance and support levels. Resistance levels are $0.2, $0.4, $0.5, $0.6, $0.8 and $1, $0.10 represents the current support level. It is very hard to predict where the price of KNC will go, but if the price jumps above $0.4 it would probably reach $0.6 in the short time period. If the price jumps above $1 that would be a “BUY” signal and the open way to $1.5. On the other side, if the price drops below $0.10 support that would be a “SELL” signal.

Recommendation: It is very hard to explain the actual value of KNC and because of that, I would recommend everybody to be careful with investing in KNC. My opinion is that there are lots of other cryptocurrencies with more opportunity and less risk but putting a small amount of money into KNC could potentially turn out to be an excellent investment. The current situation could be a very good opportunity for the investors because the price is very low and close to the current support level. If the price jumps above $0.4 that could be a very good opportunity for the short term traders, short-term traders can put the stop loss at $0.35 and take profit at $0.5 or above.

 

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