KNC Technical Analysis: Selling Pressure Grows Within The Range

The Kyber Network (KNC) price action fails to beat the $1.55 resistance level resulting in a downtrend within the consolidation range. Key Technical Points: The KNC prices dropped by 8.70% in the last 24 hours. The price action showcase further sideways continuation within the accumulation zone ranging from $1.18 to $1.55. The 24-hour trading volume of Kyber Network is $47.07 Million, indicating a drop of 11.90%. Past Performance of KNC The Kyber Network (KNC) price action displays a sideways trend continuation after a sharp selloff of 45% in the first two weeks of June 2022. The consolidation range between $1.18 and $1.55 keeps the market value trapped for more than a month. Additionally, the recent bull cycle failed to exceed the overhead resistance due to the increased selling pressure from the 50 days average line. Source – Tradingview KNC Technical Analysis The KNC price chart displays a bearish crossover of the 100 and 200-day SMAs, reflecting a selling opportunity. Hence, the technical chart shows an increase in the underlying bearishness and warns of a fallout below the $1.18 support level. The RSI indicator maintains a neutral point of view as the RSI slope continues the sideways trend near the halfway line. Additionally, traders will find a selling opportunity if the RSI slope drops under the 14-day SMA. Furthermore, the MACD indicator reflects a positive trend continuing in the past and slow line to approach the zer...