Why Is New Kind of Token’s NKN Crypto Pumping? Price Must Break Above This Level to Continue Rally
The crypto market is full of speculation surrounding the recent price rally of NKN (NKN), the native token of the New Kind of Network, which has spiked 19% today. According to crypto analyst Dr. Altcoin, the token’s breakout from a two-year accumulation zone has caught the attention of traders and investors alike.
In a recent tweet, Dr. Altcoin highlighted several key factors that could be driving NKN’s bullish momentum:
- Over two years of accumulation breakout.
- Market capitalization still below $150 million.
- Listed on major exchange Coinbase.
- Chinese-origin project during the Year of the Dragon.
- Reminiscent of NKN’s insane vertical move during the previous market cycle.
- Lack of widespread attention from the broader crypto community.
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Show more +NKN, or New Kind of Network, is a decentralized and open-source network protocol designed to address the challenges faced by today’s internet, such as centralization, scalability issues, and security concerns. The project aims to create a peer-to-peer network for sharing network bandwidth and internet connectivity.
While the token has already made significant strides, further price analysis suggests that NKN must decisively break above the $0.184 resistance level to continue its rally. An accumulation zone, also known as a consolidation phase, is a period where an asset trades within a relatively tight range, indicating a balance between buying and selling pressure.
If NKN manages to break out of this accumulation zone and surpass the $0.184 resistance level, it could potentially signal a continuation of the bullish trend and attract increased attention from investors.
As the NKN token continues to capture the imagination of the crypto community, traders and analysts will be closely monitoring its price action to determine if this breakout can sustain its momentum and potentially kickstart a new era of growth for the project.
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