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•KNC/USD is currently priced at $4.34 and has increased by 2.48% over the past day
•The trading volumes have increased by an enormous 294.10% over the past day
•The technical indicators suggest a positive outlook for the near term
Short Term View: KNC price on the rise as bulls amp up the pressure
The KNC price today is $4.34 USD with a 24-hour trading volume of $771,198,915 USD. KNC Coin is up 2.48% in the last 24 hours. The trading volumes have increased manifolds over the past day, suggesting increased investor activity. The Volume to Market Cap Ratio stands at 1,which is a really strong metric depicting the increased demand for the altcoin.
The KNC price, after clocking it’s all time high of $4.80, fell by 9% within a day. This resulted in a fortnight causing a retracement to the long-coming support trendline but the buyers have stood firm and prevented further downside. The altcoin is currently in the midst of an uptrend as it trades above the 20,50 SMA on the four hour chart. If KNC Price breaks above the resistance, then it should log a run towards $4.65. Further upside movement could even propel the altcoin beyond its all time high and towards the $5 mark. Similarly, a breakdown below the immediate support placed at $4 could cash the asset could plunge to the next support located at $3.75.
Long Term View for KNC Price
Amidst all the turmoil, KNC Coin has proven to be the saving grace of the cryptocurrency market, with the altcoin recording its all time high yesterday. The technical indicators paint a bullish outlook for the asset as the MACD line is transacting above the signal line on the daily chart,with the gap widening between the two. The histograms are also green, depicting the bullish strength of the market. The RSI, on the other hand, is standing at 64.83, at a stone’s throw away from the overbought territory. Thus the momentum is on the rise and the altcoin is likely to continue soaring in the days ahead.
Conclusion
KNC Coin has shed some of its value after reaching its all time high. However the momentum still remains bullish in the near term, with a huge influx of volume observed in the past day. After a small accumulation phase, the price may flip the consolidation to maintain a notable uptrend.
Support: $4-$3.75
Resistance: $4.65-$5.4
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
