Kyber Network (KNC) Rallies To New 2020 High: Here’s Why $2 Seems Possible

Kyber Network token price rallied above $1.500 and traded to a new 2020 high against the US Dollar. KNC price is currently consolidating gains and it could continue to rise towards $2.000.

• Kyber Network gained traction in the past few days and its token price surged above $1.000 against the US dollar.
• The price traded to a new 2020 high at $1.676 and it is currently trading in a strong uptrend.
• There is a crucial bullish trend line forming with support at $0.9000 on the daily chart of the KNC/USD pair (data source from Coinbase).
• The pair could correct a few points, but it might find bids near $1.400 or $1.340.

KNC Price Could Rally To $2.000

In the past few days, kyber network token price started a significant rally from the $0.5000 support against the US Dollar. KNC outpaced all major cryptocurrencies, including bitcoin, Ethereum, and ripple.

It surged above the $1.000 resistance and settled well above the 100-day simple moving average. It gained more than 150% and traded to a new 2020 high at $1.676. During the rise, it surpassed a crucial barrier at $1.345, which may now act as a strong support. Moreover, there is a crucial bullish trend line forming with support at $0.9000 on the daily chart of the KNC/USD pair. If there is a downside correction, an initial support could be $1.500.

KNC price above $1.500. Source: 

The 23.6% Fib retracement level of the recent rally from the $1.009 low to $1.676 high is also near the $1.510 level to provide support. The first major support is near the $1.345 level (the recent breakout zone). The $1.345 support is also close to the 50% Fib retracement level of the recent rally from the $1.009 low to $1.676 high. On the upside, the $1.650 and $1.700 levels are immediate hurdles. A successful break above the $1.700 level could open the doors for a sharp rise towards the $2.000 resistance in the coming sessions.

Chances of a Bearish Wave?

If KNC fails to continue higher above $1.700, it could correct lower. The first major support is near the $1.345 level, below which the bulls are likely to defend the $1.100 support. Any further losses may perhaps put pressure on the bulls and the price could dive towards the trend line support near the $0.900 level in the near term. Technical Indicators Daily MACD – The MACD for KNC/USD is gaining momentum in the bullish zone. Daily RSI (Relative Strength Index) – The RSI for KNC/USD is rising and it is approaching the 80 level. Major Support Levels – $1.500, $1.345 and $1.100. Major Resistance Levels – $1.650, $1.700 and $2.000.

Risk disclaimer: 76.4% of retail CFD accounts lose money.