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Kyber Network finally breaks the long-term downward-moving market. The tide began to turn in favour of the buyers on the 8th and the 9th of November when a very significant bearish price move brought the price down to $0.5 from $0.8. This strong bearish move immediately triggered the bull market at the support level of $0.5, and the buyers also significantly pushed the price upward in the following trading session. However, they hit a brick wall at the $0.6 price level. For several days, the bulls continued to try to break through the $0.6 resistance level. It was not until today that the bullish price finally breaks the resistance level.
Kyber Network Classic Market Price Statistic:
- KNC/USD price now: $0.7
- KNC/USD market cap: $120,438,631
- KNC/USD circulating supply:164,893,760.00
- KNC/USD total supply: 223,368,900
- KNC/USD coin market ranking: #164
Key Levels
- Resistance: $0.75, $0.8, $0.85
- Support: $0.6, $0.55, $0.50
Kyber Network Market Price Analysis: The Indicators’ Point of View
The Bollinger band indicator portrays the steep movement of the market. This is because the market has been trending downward over a long period before the November 8 and 9 massive price depreciation. The bullish move of November 10 was what broke the downward movement of the market. Now as the upper band of the Bollinger indicator and the 20-day moving average change direction of their movement to the upside, this signifies the beginning of a bullish trend.
KNC/USD 4-Hour Chart Outlook
In this timeframe, we see the Bollinger indicator portraying a market breaking out to the upside. But the bull market now has to deal with a new resistance level at $0.718. The bulls are holding up against the pressure. Judging from the momentum of the bull market, we can expect the price to continue to trend upwards, breaking the $0.8 resistance level.
Kyber Network has a low volume of trade coupled with a downtrending market. This is not the case with Dash 2 Trade (D2T) token. The D2T token presale is live and it has realized close to $8 million. Dash 2 Trade (D2T) is a unified analytics platform for market-beating intelligence and features to take your trading experience to the next level. Additional team members have been onboarded, and its presale dashboard beta launching is coming soon.
See the latest Kyber Network price on CoinCodex.
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