Kyber Network price prediction: Is KNC a good investment?
- Kyber Network Crystal price has defied gravity this year.
- It has risen as a volume in its DEX platform has jumped.
The Kyber Network Crystal price has been in a strong bullish trend in the past few weeks as interest in its DeFi tools has risen. The KNC token is trading at $4.14, which is slightly below this week’s high of $4.50. It has jumped by more than 247% this year, bringing its total market cap to over $427 million.
What is the Kyber Network?
Decentralized Finance (DeFi) has become one of the biggest sectors in the blockchain industry. It is a leading sector that allows people to access financial solutions in an open-source method. Some of the top sectors in DeFi are in lending and decentralized exchanges (DEX).
Kyber Network is a leading player in the DeFi industry. It solves a major challenge where multiple chains like Ethereum, Avalanche, and Solana operate in their own silos. Therefore, Kyber helps to ensure that people can trade across different chains like Avalanche, Ethereum, BNB, Polygon, and Arbitrum among others.
Kyber Network’s business has been growing rapidly in the past few months. In its website, it claims that it has handled over $7 billion worth of transactions since it was started. It now has a total value locked (TVL) of over $74 million and a total liquidity of over $11 billion.
Kyber Network is made up of several areas. There is the Kyber Swap, where one can swap and buy cryptocurrencies easily. It also has features for liquidity providers, who make a return by providing their coins to the network. Also, it has a DAO functionality, where people buy the KNC token and take part in the governance. Buyers have staked over $174 million worth of KNC.
The Kyber Network Crystal price is rising because of the vibrancy of the network and the ongoing partnerships with Avalanche and other projects.
Kyber Network Crystals price prediction
The daily chart shows that the KNC price has been in a strong bullish trend in the past few months. The rally accelerated when the price moved above the important resistance level at $2.4030, which was the highest point in November and January.
Kyber Network has also risen above the 25-day and 50-day moving averages while oscillators like the Money Flow Index (MFI) have moved upwards. Therefore, the coin will likely keep rising as bulls target the next key resistance level at $5.