In short words, Kyber Network seems to be showing signs of weakness. We are forming a similar pattern to that of LINK/USD a few days ago (descending triangle) go check out my other post on LINK/USD. This time around we have closed several 4hr candles below the 10EMA, 21 EMA and 55 EMA and looks like we’re enroute to touching the 200 EMA. This move coincides with the bottom of the descending parallel channel that Kyber has been on since July 18. Now sitting like dead weight right on the support line (@/around $1.60) and with the RSI going down and stoch crossing down again down in the bearish control zone, ALL WHILE ETH is pumping = money flowing into the bigger dog, we might just see Kyber revisit the $1.43 – $1.48 level in the coming hours possibly days.
Disclaimer: We’re all wrong from time to time.
Disclaimer: We’re all wrong from time to time.