DU09

KNC/USD - Correction towards support before more uptrend.

BINANCE:KNCUSD   Kyber Network / US Dollar (calculated by TradingView)
KNC has done a great +500% since January and now we have reached the limits of this rally which seems to have topped for now at just over $4. Not bad.

Price is currently trying to find support and I believe we will likely re-test the $2.4 level before we can be confident on any new up-trend. Best to let price relax a bit before considering a position in KNC.

We are also in this massive channel and to me we seem to have completed a nice 5 wave Elliot structure. As such we can expect a longer ABC correction as indicated on the chart. But that will take some time to form. We can revisit this chart later for that.

Best to be patient with KNC and maybe there are other coins to spark an interest while we consolidate here.

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