The Kyber Network price has been in a strong bullish momentum as investors cheer the growth of its network. KNC, its native token is trading at $4.28, which is about 275% above the lowest level in 2021 and 3,666% above its 2019 lows. It is also approaching its all-time high of $5.96. In this article, we will explain why Kyber is rising and what next
Kyber Network is a decentralized exchange (DEX) that enables people to trade coins at lower prices. It achieves this by connecting its platform to various blockchains like Avalanche, Solana, and Ethereum. As a result, the network has seen strong growth in the past few months. It has already helped to process over $7 billion worth of assets while its TVL has risen to $133 million. This liquidity has been rising considering that it was below $80 million in March.
The most popular coins in Kyber Network are Wrapped AVAX, Staked AVAX, Wrapped Ether, and USD Coin. Another reason why the KNC price has risen is that it recently integrated with Avalanche V3, which is one of the biggest DEXes in the world. And this week, it integrated with BitTorrent Chain (BTTC). As part of this partnership, users of KyberSwap and BTTC will be able to participate in $1.5 million worth of incentives.
The daily chart shows that the KNC price has been in a strong uptrend. Now, the coin is trading at $4.28, which was also the highest point on May 7th. It has also managed to move above the important resistance at $2.40, which was the highest point in August, September, November, and January. It remains above the short and long moving averages.
Therefore, the path of the least resistance for the Kyber Network price is upward, with the next key resistance level to watch being at $5. Another scenario is where the coin retests the support at $3.50 and then continues rising.
This post was last modified on Apr 20, 2022, 06:58 BST 06:58