InstaForex

July 3, 2021

Kyber Network Protocol (KNC) Integrates Easy Applications!

 Kyber Network is an on-chain liquidity protocol that aggregates liquidity from multiple sources to provide more secure and immediate transactions on any decentralized application (DApp).


The primary goal of the Kyber Network is to enable DApps, decentralized exchanges (DEX) and other users to easily access the liquidity pool that provides the best rates.


Began to be developed in 2017 and built on the Ethereum blockchain, founded by Loi Luu, Victor Tran and Yaron Velner.


Uniquely, the Kyber Network is the first tool that allows anyone to exchange tokens instantly without the need for a third party, such as a centralized exchange.


Kyber’s unique architecture is designed to be developer -friendly, allowing the protocol to be easily integrated with other blockchain -based applications and protocols.


Further, looking at the current movement chart of the KNC/USDT price,


The price movement can be seen to see a positive increase at the market opening in early June 2021 by producing over 60% increase.



However, KNC was not able to continue the rise consistently until it slipped to the support level around $ 1.10 at the end of June which was the observation of investors.


From a technical point of view, the price movement is seen again giving a positive signal to create bullish momentum and is testing the SBR zone (support become resistance) around $ 1.5.


For the next expectation, the zone will be tested first before making a higher rise and then test the resistance zone around $ 1.6 which is awaited by investors.


However, if the price movement returns to the downtrend, the price movement will head and re -test the RBS zone (resistance become support) around $ 1.4 before continuing the decline to the lowest level ever recorded before.


At the time of writing, KNC/USDT is trading at $ 1.49 with a market value of over $ 300 million in the last 24 hours. Coins are currently ranked 120th in the crypto market.