Kyber Network is among the few cryptocurrencies that have seen a price rally in 2022, with price gains of 5% since the start of the year. Before May, Kyber Network was on a four-month bull run. However, the May UST and Terra Luna debacle, which saw the entire cryptocurrency industry collapse, negatively affected Kyber Network.
During the crypto crash, the Kyber Network lost 77% of its value from its monthly opening prices. However, prices continued to recover slowly. Today, the drop in prices for the month of May is 58%. This is after the recent price surge, which saw prices increase by 77% from the $1.19 price level to the current price of $2.01.
Kyber Network Price Prediction
Throughout the year, the Kyber network has continuously outperformed the cryptocurrency market. Today, it is one of the few to have recorded net price gains since the beginning of the year. However, the past four days have seen consecutive price declines in the market. This resulted in a price drop of 31%. In today’s trading session, Kyber Network prices were down 7%.
Looking at the chart below, we can see the recent price surge that saw the crypto gain 153%. The push began during the late May 12 trading session, through to the early trading hours of the May 20 trading session. Since then, prices have been trading lower.
Today’s decline is a continuation of the past few days. The downtrend is also likely to continue over the next few sessions ahead. Therefore, I expect prices to trade below the $1.5 price level in the coming days. It is also likely that prices will approach recent lows of $1.118.
However, if today’s trading session reverses and closes above the open price of $2.14, my bearish analysis will be invalidated. This will also indicate a possible bull run.