Is KNC the next big thing?

Kyber Network Crystal price jumped as liquidity tokens jump. The KNC token is trading at $4.38, which is the highest since June last year. It is up more than 270% from its low this year. Additionally, its total market cap jumped to over $773 million, raising its cryptocurrency ranking to 96. So what is Kyber and why is it rising?

Liquidity tokens jump

Kyber Network is a blockchain project that is in the liquidity provision industry. Its goal is to help DeFi applications built by major chains gain liquidity. It supports major chains like Ethereum, Polygon, BNB Chain, Avalanche, Fantom, and Cronos, among others. Its website shows that it has a total value locked (TVL) of $80 million, while the total trading volume exceeded $7 billion. People use Kyber Network to trade tokens, provide liquidity, and even farm.

It is unclear why the price of the Kyber network has risen sharply in recent days. However, a closer look shows that other coins in the liquidity-providing sector have also grown significantly. For example, the price of the Synthetix network token has increased by more than 10% in the last 24 hours. Similarly, the price of Thorchain is up over 18% in the last 24 hours.

The Kyber price is also rising as investors react to the latest integration with Uniswap V3. This means that this version is now available through the network, which helps to offer users better rates. Additionally, it has expanded its partnership with Avalanche Rush and BENQI.

Kyber Network Price Prediction

The daily chart shows that the price of KNC has been on a strong bullish trend over the past few months. The coin peaked in June last year. At the same time, Kyber Network price broke above the key resistance level at $2.34, which was the highest level on October 8th. It also moved slightly above the 25- and 50-day moving averages, while the MACD moved above the neutral level.

Therefore, it is likely that the Kyber Network Crystal price will continue to rise as the bulls target the next key resistance at $5. A drop below the support at $3 will invalidate this view.