KNC’s market value could almost double

  • Kyber network price rose 20% today, becoming the fourth best performing cryptocurrency today.
  • The daily volume is double the 50-day average.
  • Meanwhile, the Relative Strength Index (RSI) confirms that KNC is not overbought.

The Kyber Network price aggressively hit new yearly highs on March 17th. The surge comes after a one-month corrective period above the 10-week simple moving average (SMA).

Kyber Network Price Aims For Higher Highs

The breakout from a cup base on the weekly chart is a continuation of a larger advance that began in late December 2020 and sent Kyber Network price up over 300% to the most recent high.

From a macro perspective, KNC is currently sitting above the 1.382 Fibonacci Extension level at $2.57, but it is being rejected by the 1.618 Fibonacci Extension level at $2.89.

The bullish outlook remains valid if Kyber Network price can sustain above the $2.57 support level on a weekly closing basis. A weekly close at the candlestick high could be better as it would be the first time KNC has done so since the rally began in December 2020.

An additional upside target is the $2.618 Fibonacci extension level at $4.52, which would represent a 78% advance from the February 13 high.

KNC/USD weekly chart

A failure to hold above the $2.57 support could lead to a decline towards the next area of ​​interest at $2.35. Breaking above this level may lead to another bearish impulse at $2.05 or the 10-week SMA at $1.85.

Failed big breakouts often trigger big declines.