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.
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.
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