KNC price appreciated enormously on Friday, with its price hitting $2 for the first time since May 2018
The KNC price of Kyber Network has been highly valued lately, with the first time reaching $ 2 since May 2018. KNC’s market cap has increased by 20% in the last 24 hours – completely natural without any real catalysts. And because of this, the speculation of KNC price is even more significant.
The KNC price previously increased by more than 1,000% during the year, bringing in profits for investors
Meanwhile, KNC’s uptrend has encountered many downward corrections. Place the KNCUSD price trend on the weekly chart, and we can see this token trending inside Rising Wedge. This is a technical pattern that signals a reversal after a long period of an uptrend. This means the KNCUSD trading pair can extend its bullish move higher as long as it remains in the Rising Wedge range.
To initiate this rally, KNC needs to retest the current Rising Wedge upper trend line – a resistance level. Traders can use it to increase their short-term reach on the KNC market. That could lead to a move towards the lower trend line of Rising Wedge – which has acted as support since March 2020.
The chart above also illustrates the point at which the Rising Wedge could be exhausted. It was the top of the pattern – where the Wedge’s trend lines finally converged.
However, what Falling Wedge confirms is an uptrend ahead of a healthy pullback. Its peak coincides with $ 2.78, a green level – of historical significance in the KNC market. For example, in December 2017 and April 2018, this level acted as a drag to KNC’s bullish efforts. Traders can expect the price to repeat.
Cryptocurrency analyst CJ emphasized:
“KNC’s accumulation/bottom pattern is currently expanding with a bullish market structure (higher level, lower level).”
$KNC – Doesn’t take a genius to figure out where this is headed pic.twitter.com/G68Jad7H8C
— CJ (@IrnCrypt) August 13, 2020
However, KNC is expected to increase further.
According to a study conducted by data research firm Messari, user demand is growing for decentralized exchanges like Kyber Network. The report mentioned that DEX platforms had gained an increasingly larger share of total cryptocurrency trading volume, especially over the past few months.
That makes Kyber Network a convincing bull project before traders and investors. It also leads to more KNC adoption in the coming sessions.
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