KNC Technical Analysis: Growing Bearishness Teases $4 Fallout

KNC coin price shows the solid uptrend surrendering under the increased selling activity and threatening a downfall below the $4 mark. Key technical points: The MACD indicator hints at a bearish crossover. The KNC coin price has ascended by 40% within the last two weeks. Finally, the 24-hour trading volume of Kyber Network Crystal is $306.40 Million, marking a 120% rise. Past Performance of KNC As we mentioned in our previous article, the KNC coin price breaks above the rising wedge pattern in the daily chart with a price jump of 17% on April 14th. However, the prices fail to surpass the $4.65 mark resulting in a retest of the $4 bullish breakout. However, the trend succumbs under increased selling activity, reflecting a dragonfly candle in the daily chart. Source-Tradingview KNC Technical Analysis KNC coin price action maintains the growth with the help of the support curve resulting in a 40% growth last fortnight. However, the decreasing volume over the last few weeks reflects a weakness in the underlying bullish momentum. A cluster of EMAs(20, 50, and 100) maintains a bullish formation in the daily chart, with the 50-day EMA providing dynamic support in case of a reversal. Hence, the EMAs provide multiple support levels. RSI Indicator: The RSI slope showcases a sideways trend in the nearly overbought zone after struggling to cross the 70% boundary. Hence, the RSI indicates a solid underlying bullishness. MACD Indicator: The...