Kyber Network (KNC) after its price was rejected at $5.5, has recently battled with tether (USDT).
The price of Bitcoin (BTC) sharply climbed, increasing from a low of $18,500 to a high of $21,000.
Other cryptocurrencies, notably Kyber Network, have been influenced by this shift since most cryptocurrencies are witnessing double-digit rises (KNC).
(According to Binance)
Kyber Network weekly price analysis
The price of KNC has had trouble repeating its most recent bullish rise, in which the price climbed to $5.5 amid a strong bullish feeling.
KNC has had trouble surviving after dropping from a high of $5.5 to a low of $1.
At $1, where the price of KNC has built strong support, most traders seem to be placing their buy orders, this area seems to be a favorable one.
A new weekly candle could signal that the price of KNC is about to end the week on a more optimistic note.
With such a strong mood, KNC may rise as high as $3.
As it cannot trend higher in price, the price of KNC is encountering resistance at $1.95; if KNC flips this zone, we might witness a price increase to $2.5-$3 and even higher.
Weekly price resistance for KNC is between $2.5 and $3.
KNC price support on a weekly basis: $1
KNC Daily (1D) Price Analysis
KNC’s price declined from $5.5 to a low of $1 before rebounding after establishing support to stave off sell orders.
KNC’s price increased from a low of $1 to a high of $1.9 before running into obstacles to break through to $2.
The price of KNC is attempting to break above its resistance of $2 to trend upward after forming a bullish uptrend line and maintaining above it on the daily timeframe.
KNC’s price is currently trading at $1.96 on the daily period as it tries to break and hold above the 200 Exponential Moving Averages (EMA).
The 200 EMA, which is a barrier to the price of KNC, is priced at $1.95.
The 23.6% Fibonacci retracement level, which acts as resistance to KNC’s price, must be broken.
KNC’s price might increase to $3 if it breaks through and closes above this point.
$2 is the daily price barrier for KNC.
KNC price support on a daily basis is $1.7.
