Kyber Network Price Analysis (T.A.)


3 min read
Kyber Network Price Analysis (T.A.)

We've already broken down this token pretty thoroughly on a F.A. level, so let's see what the charts have lined up for us.

Let's start off by taking a look at the KNC/BTC markets (not USD this time!) on the H4 Resolution (Binance exchange):

Major Support For Kyber

If we map out the horizontal support point that Kyber has essentially been living off of for the past few weeks, one could say that the price has been floating there for KNC/BTC for so long that it should consider paying rent at this point:

Are the Bounces At Least Worth it?

We're asking this question because - if everything goes according to script the way that it has over the past couple of weeks for Kyber (KNCBTC), then there should be a slight bounce from the underlying horizontal support.

Let's see what they look like against $BTC below:

We charted three different bounces that have occurred against the $BTC market (for Kyber Network) on Binance since the beginning of this month (July).

They are (in order from oldest to latest):

+8.33%

+6.48%

+5.41%

Based on the numbers above (alone), its worth pondering whether the decreasing volatility for each bounce is not just a mere product of coincidence - but rather a sign of waning bullish momentum on each bounce.

This is important to note because - fall through the underlying horizontal support here could send the price plummeting against $BTC (depreciation).

Bitcoin's Stagnation

Since Bitcoin has remained in a relatively thin traded zone, these bounces represent an almost identical appreciation in USD as well (more than likely ; give or take) - so that has probably has an impact on the numbers that we see on this chart too.

Taking a Look at the Potential Upside

Plotting the horizontal overhead resistance (which is just as obvious as the underlying support) - its clear to any observer that 18.1k sats marks the spot.

Calculating Potential Upside From a Bounce

Assuming that the price follows suit and bounces off of the underlying horizontal support much in the same way that it has been throughout the month of July thus far, then the chart below should give observers a pretty good idea of what the (plausible) max upside of a 'bounce' move would be:

+5.70%? Not bad on the H4 Resolution.

Conclusion

Let's wait and see whether this short-term move manifests.

This is one for the 'scalpers' out there that don't want to be Philakone Day-Trader Extraordinaires (i.e., you have a job / family / other things to do besides hunching over a trade terminal all day)

GO TOP