Kyber Network (KNC) Reaches New Yearly High – Biggest Weekly Gainers

Be[in]Crypto takes a look at the five altcoins that increased the most last week, more specifically from April 8 to 15, including Kyber Network.

These altcoins are: 

1. Kyber Network (KNC) : 21.12%
2. Apecoin (APE) : 7.47%
3. Monero (XMR) : 4.54%
4. SHIBA Inu (SHIB) : 4.44%
5. Compound (COMP) : 3.14%

KNC

Kyber Network has been moving upwards since Dec 14, when it was trading at a low of $1.19. The rate of increase accelerated on Feb 24. 

On April 8, KNC broke out from the $3.75 area, which had been acting as resistance since April 2021. It proceeded to reach a high of $4.83 on April 14. 

If KNC manages to hold on above the 3.75 area, it could move towards a new all-time high.

APE

APE had been decreasing inside a descending parallel channel since March 28. The movement led to a low of $10.50 on April 6. 

Afterward, the price increased and broke out from the channel on April 10. It returned to validate it as support two days later (green icon).

If the upward movement continues, the closest resistance area would be at $16.

XMR

XMR had been decreasing alongside a descending resistance line since Aug 24. This downward movement led to a low of $132.3 on Feb 24. 

However, XMR initiated an upward movement afterward and broke out from the descending resistance line on March 27. This is a sign that the correction is complete.

If the upward movement continues, the next closest resistance area would be at $290.

SHIB

SHIB has been decreasing alongside a descending resistance line since Feb 8. The ensuing drop served to validate the $0.000022 area thrice (green icon). The most recent bounce occurred on April 12. 

SHIB created a bullish engulfing candlestick afterward. However, it has yet to break out from this line.

A breakout from this descending resistance line would be expected to accelerate the rate of increase.

COMP

COMP had been decreasing underneath a descending resistance line since April 4. The downward movement led to a low of $115.7 on April 12. 

Afterward, the price began an upward movement and broke out from the resistance line the next day. However, it was rejected by the 0.618 Fib retracement resistance level. Currently, COMP is attempting to hold on above the $140 support area.

If the area fails to hold, COMP could drop towards its $120 lows.

 

For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here