The Kyber Network Crystal price has jumped as liquidity tokens jump. The KNC token is trading at $4.38, which is the highest it has been since June last year. It has risen by more than 270% from its lowest level this year. In addition, its total market cap has jumped to over $773 million, bringing its ranking among cryptocurrencies to 96. So, what is Kyber, and why is it rising?
Liquidity tokens jump
Kyber Network is a blockchain project that is in the liquidity provision industry. Its goal is to help DeFi applications built by the leading chains gain liquidity. It supports leading chains like Ethereum, Polygon, BNB Chain, Avalanche, Fantom, and Cronos, among others. Its website shows that it has a total value locked (TVL) of $80 million, while the total trading volume has been over $7 billion. People use Kyber Network to swap tokens, provide liquidity, and even farm.
It is unclear why the Kyber Network price has risen sharply in the past few days. However, a closer look shows that other coins in the liquidity provision industry have also gained substantially. For example, the Synthetix Network Token price has risen by over 10% in the past 24 hours. Similarly, the Thorchain price has risen by over 18% in the past 24 hours.
The Kyber price is also rising as investors react to the latest integration with Uniswap V3. This means that this version is now through the network, which helps give people better rates. Also, it has expanded its partnership with Avalanche Rush and BENQI.
Kyber Network price prediction
The daily chart shows that the KNC price has been in a strong bullish trend over the past few months. The coin has moved to the highest level in June last year. At the same time, the Kyber Network price has moved above the key resistance level at $2.34, which was the highest level on October 8th. It also moved slightly above the 25-day and 50-day moving averages, while the MACD has moved above the neutral level.
Therefore, there is a likelihood that the Kyber Network Crystal price will keep rising as bulls target the next key resistance at $5. A drop below the support at $3 will invalidate this view.