Hello family, today we will analyze the behavior in the next weeks of KNC & KAVA against Bitcoin.
KNC / BTC
The decentralized exchange KNC has maintained a volume in the last 24 hours of $ 7,923,758 USD and in the last 7 days it is $ 42,271,261 USD. Kyber Network occupies 15.9% of the market share volume in DEX. In a month, KNC has gone from 70,000 users to 81,553 today according to Dune Analytics, doubling the number of Compound users.
That is why all this is reflected in the price.
From the day I predicted that KNC would increase in value until today the value of KNC has increased by up to 78%.
At the time of writing this the KNC price against BTC is 0.00018190 sat. Today, a large downside rejection volume candle has been unveiled, this is due to the fact that the bears have a well-established resistance stock at 0.00020952 sat.
This is healthy for the KNC price to maintain a healthy uptrend, therefore we can wait for the following days downward movements due to the decline in the price currently, to give continuity to a next big upward momentum.
Although the signs continue to be bullish as the TEMA of 20 periods is above DEMA 60 and MACD is opting for bullish movements.
It is very likely that in the following days:
The bears can take advantage of the current resistance to push the price further down to the 0.00015331 level even the bears could push the price even lower than that support level, where the price would find a break at 0.00012012 sat. This would give us a great entry point to continue the bullish movement.
My actual forecast is that KNC will increase yet another 70% in the following weeks.
KAVA / BTC
Most people understand that the golden rule of cryptocurrencies is not to invest more than you can afford to lose. Meanwhile, new inexpensive models are being tested. And that's very exciting. KAVA is an exciting example. The DeFi sector is poised to disrupt traditional lending and investment, which is a massive existing market. It is reasonable to expect that the DeFi sector will cannibalize a good part of the tangible and measurable market, and the two questions are: how much of an action and how long will it take?
For those unfamiliar with Kava, the DeFi loan platform allows users to generate loans to major cryptocurrencies and is frequently described as the "Bitcoin Uber".
Currently the KAVA price is 0.00013625 sat with a total market capitalization of 4555 BTC and a volume of 1088 BTC in the last 24 hours.
The main movement is bearish but the secondary trend is bullish showing significant and strong bullish movements from May 11, 2020 until today.
From May 11 to today the value of KAVA has increased by 187% and will continue to grow. In the chart we can see how the price of KAVA today has found a break at the support level of 0.00013551 sat. Furthermore, if we mark the Fibonacci retracement from the lowest point to the highest point, we can see how the price has used the 0.23% level as support, which is a good sign because the bulls have used that area as an entry point. To this we can add that the 20-period TEMA is well above DEMA 60, this is a positive sign for bulls.
So in the following weeks we can see that:
Kava's price is on a slight pullback but has encountered strong opposition from the support line of 0.00013551 sat. If the bears manage to cross below this support line, it is likely that the price will decrease a bit more, finding a stop at the important support level 0.00012004 sat, the latter being a great entry point to give continuity to the great bullish momentum.
But if the bearish will has been exhausted at the support line of 0.00013551 sat then the bulls can take advantage of these moments to buy at a good price.
Since the Ethereum architecture does not meet the scaling and security needs for the DeFi sector, as the level of testing required to achieve all results is infinite in the Solidity programming language. The KAVA CEO believes that it is for these reasons and many others that leading projects like Binance, Cosmos and Kava have chosen to leave the Ethereum ecosystem in search of greener pastures.
Do not forget to leave your like and if we reach 33 likes I will talk about two other altcoins with great potential in the short and long term.
Thanks for reading have a great day 🤗