MyCryptoParadise

KNC/USDT It will be bullish momentum if success break the supply

BINANCE:KNCUSDT   Kyber Network / TetherUS
πŸ’Ž Paradisers, KNC is indeed presenting intriguing movements that warrant close observation.

πŸ’Ž The successful break of the supply zone and transition to the demand area in the lower time frames indicate a potential shift in momentum.

πŸ’Ž Currently, the price is testing the demand area following a strong rejection at the supply zone, which lies between 0.7 to 0.738. There's a possibility that KNC may attempt to move upward again to break through the supply area.

πŸ’Ž If successful this time, it could signal a bullish momentum, potentially leading to the achievement of our target.

πŸ’Ž However, if KNC fails to break above the supply area once more and experiences a strong rejection indicated by a bearish candle, there's a likelihood of a retracement back to the downside. In such a scenario, the price could revisit the demand area, which ranges from 0.620 to 0.58.

πŸ’Ž KNC must bounce from this demand area, especially considering the presence of a support trendline within it. A breakdown below the support trendline could indicate a bearish trend shift, potentially leading to further downward movement toward the support level around 0.534.

πŸ’Ž When KNC reaches the support area, it must bounce back and resume its upward trajectory, potentially making another attempt at breaking the resistance. Given KNC's historical behavior of bouncing off key support levels, there's a possibility of a similar scenario playing out, resulting in a return to upward movement.

πŸ’Ž However, traders should remain vigilant and closely monitor KNC's price action. A breakdown below the demand area, confirmed by a daily candle close below it, would invalidate the bullish scenario and could lead to further downward movement.

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