Kyber Network has found the bottom at $0.8, after which it broke above the downtrend trendline and went back down to $0.8 support area, where the double bottom seem to be formed.
Each time KNC/USD approached the $0.8 area it formed a bullish divergence on the RSI oscillator suggesting the trend reversal. Now it looks like a very attractive price as well as I timely entry point to go long on Kyber Network. The first strong resistance is seen at 50% Fibonacci retracement, that is $3.2. If/when target is reached, Kyber would triple in value and this could be just the first wave up.
Break and close below $0.8 would extend the consolidation and could present even better buying opportunity in the short and long term.
Each time KNC/USD approached the $0.8 area it formed a bullish divergence on the RSI oscillator suggesting the trend reversal. Now it looks like a very attractive price as well as I timely entry point to go long on Kyber Network. The first strong resistance is seen at 50% Fibonacci retracement, that is $3.2. If/when target is reached, Kyber would triple in value and this could be just the first wave up.
Break and close below $0.8 would extend the consolidation and could present even better buying opportunity in the short and long term.
Trade closed: target reached