Kyber Network Appears Bearish with No Steady Traction
Kyber Network extends services such as instant settlement with Decentralized Finance supporting infrastructure and ease of liquidity. Its blockchain-based platform is a completely self-customizable business model, and it was just in the previous month when the token breached a 22-month long and stringent resistance above $2 in the last week of the previous month.
However, with major correction in the initial week of the ongoing month, the KNC token plummeted as low as $1.04, when it breached the lower Bollinger Band.
At the press time, Kyber Network token was seen trading at $1.21 after a slight correction from the daily lows hit in the previous week as low as $1.04. In comparison to the previous week’s low, the token has gained over 15% in less than a week. However, the KNC price crashed with an even amplified number with a long bearish candlestick with a steep fall from $1.66.
After having breached the lower band on the 24-hour chart, KNC/USD has lost 50-day MA support around $1.5 but still retains strong support from 200-day MA. However, with intraday moderate strengthening, the token has slightly risen above the lower 20-day BB.
The MACD indicator continues to draw a bearish divergence on the daily chart. Similarly, the RSI of Kyber Network token is also inclined towards the major support at 38.05 with a strong inclination towards the support due to a lack of price-led demand. Investors planning to invest or trade in Kyber Network can plan for the long term and if you want to know more, check out Kyber Network price prediction for more information.