Hello Crypto traders, today we will talk about Kyber Network cryptocurrency with ticker KNCUSD, where we see nice and clean bullish setup formation from Elliott wave perspective.
KNCUSD sold-off in the second part of 2022, but in three legs A-B-C only, which means that correction can be coming to an end if we consider an impulsive five-wave rally from the lows since 2019 till 2022. Ideal support we see here around 0.60 – 0.40 area and from where we should be aware of a bullish continuation in 2023. First bullish evidence would be above trendline connected from the highs and above 1.0 level, while bullish confirmation is only above 2.0 region. Keep also in mind that we remain bullish as long as the price is above 0.11 invalidation level.
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Kyber Network is bouncing from projected support zone and it's trying to break back above important trendline connected from the highs that can be signal for a bullish reversal.