KNCUSDT → Coin shows strength in a weak market

2023年9月26日

KNCUSDT stops its decline in late 2022 at 0.495-0.500, thus forming a bottom. The market holds this area quite confidently. And at some point, on the background of weak BTCUSD , KNC forms a resistance breakout, which could be the first bell

On the chart we can compare the behavior of the last few days of BTC and KNC. The second one feels confident and is ready to strengthen further. While BTC has been in a falling phase for the last 7 days, Kyber network / TetherUs is strengthening already by 28%. Altcoins have been receiving more attention from speculators lately as they are livelier and more active.
The latest retest of the 0.495 bottom on September 12 leads to the formation of a bullish momentum, within which the price makes an attempt to exit the descending range. After the breakout and correction, consolidation is formed above the resistance. If the bulls can finally keep the price above this line, we will be able not only to observe, but also to participate in the price growth to the targets indicated on the chart. The area above 0.955 is quite loose and price could quickly reach 1.200-1.400, but for this to happen we need to get momentum from the previously broken resistance.

Support levels: 0.630, MA200, MA50
Resistance levels: 0.710, 0.834
I expect an active phase from the bulls' side. The first phase is consolidation. After which I will wait for growth to the mentioned areas.

Regards R. Linda!

2023年9月26日

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