Kyber Network (KNC) Price Increases by Over 7% Yet Looks Cautious

The Kyber Network token has seen an impressive price increase since its price action rebounded off key support. Available metrics have revealed that the price of the token has seen a 6.91% increase in today’s trading activity so far as of the time of writing. More moves may be seen later, but let’s look closer below.

KNC Statistics:

Kyber Network Price: $0.6111

Kyber Network Market Capitalization: $113.75M

KNC Circulating Supply: 186.46M

KNC Total Supply: 239.58M

Kyber Network CoinMarketCap Rank: 431

Key Price Levels:

Resistance: $0.7000, $0.8000, $0.9000

Support: $0.6000, $0.5000, $0.4000

Kyber Network Sees Rejection at the 50-MA Line

The KNC token has been making higher lows very rapidly, with significant volatility. This has been in play since its price action rebounded off the support level at $0.5000. Furthermore, the latest support has been found at the 20-day Moving Average (MA) lines.

Meanwhile, the high volatility has caused the market to test the 50-day MA line as resistance, which resulted in a downward contraction. The Stochastic RSI lines have continued their downward trajectory towards the 50 level. However, given the behavior of price movement on the chart, traders can stay positive about seeing more future price increases.

KNC Market Sees a Moderate Bearish Retracement

Price activity in the Kyber Network market still has a general upward trajectory. However, the ongoing session has presented a moderate downward retracement as portrayed by the last red price candle on the chart. However, the current price of the token stays above most of the MA lines still.

In addition, the Stochastic RSI indicator stays projected upwards without reflecting the ongoing retracement. Therefore, based on the most dominant signs from technical indicators, one can assure that the market is still likely to journey towards the $0.6500 or $0.7000 price level.

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