In recent weeks, a steady and significant rise in Kyber Network Crystal’s ($KNC) price has gained attention within the cryptocurrency community. The digital currency’s market cap stands at an impressive $117.21M, with a 24-hour trading volume of $254.65M. Notably, the current price of the crypto is $0.69 per KNC, marking an 88.56% deviation below its all-time high of $6.00.
While $KNC has experienced a range of price fluctuations over an undisclosed period, recent data indicates a robust upward trend. For instance, $KNC is up 17.11% against Ethereum and 20.23% against Bitcoin. Additionally, its value has risen by 15.46% against the US Dollar. In the past seven days alone, the asset’s value has escalated by 17.66%, with a further 9.06% increase recorded in the last 24 hours.
Pattern: Symmetrical Triangle, which is a neutral pattern, suggesting indecision in the market. Although it could break either up or down, it usually breaks in the direction of the prevailing trend (i.e. continuation not reversal).
Trend: Uptrend on Short- and Medium-Term basis and Downtrend on Long-Term basis.
Momentum is Bullish ( MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $0.45. The nearest Resistance Zone is $0.80 (previous support), then $1.00.
Some attribute this positive momentum to the increased interest and active engagement within the community. According to AltRank, a proprietary score that measures crypto against itself with respect to community metrics, $KNC ranks among the top 10 cryptocurrencies. This recognition suggests a growing acceptance and popularity of $KNC among crypto enthusiasts.
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Show more +Moreover, some see a promising future for $KNC due to its gradual buildup of momentum. It is suggested that the progress made by $KNC could potentially result in a significant flip in the near future. This optimism is bolstered by several successful trades involving $KNC, further encouraging traders to participate.
To add to the buzz, Kyber Network recently unveiled its first Gas Refund Program. Traders are now eligible for partial gas refunds when staking a minimum of 500 $KNC and making a swap worth ≥$200 on Ethereum. This innovative program has generated significant interest among traders, contributing to the positive sentiment surrounding $KNC.
The rise of $KNC and its recent developments have undoubtedly positioned it as a notable entity within the crypto space. As the digital currency continues its steady ascent, it will be interesting to watch how the wider cryptocurrency community responds.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com
