Kyber Network is among the few cryptocurrencies that have seen a price gain in 2022, with the year to date price gains of 5 per cent. Before May, Kyber Network was on a four consecutive months bull run. However, the May UST and Terra Luna debacle, which saw the entire cryptocurrency industry crashing, negatively affected Kyber Network.
During the crypto crash, the Kyber Network lost 77 per cent of its value from its monthly opening prices. However, the prices have continued to slowly recover. Today, the month of May price drop is at 58 per cent. This is after the recent price surge, which has seen the prices rise by 77 per cent from the $1.19 price level to the current price of $2.01.
Kyber Network Price Prediction
Throughout the year, the Kyber Network has continuously outperformed the Cryptocurrency market. Today, it is one of the few which have has a net price gains year to date. However, the past four days have resulted in consecutive price losses in the market. This has translated to a 31 per cent price drop. In today’s trading session, the Kyber Network prices are down by 7 per cent.
Looking at the chart below, we can see the recent price surge that resulted in the crypto gaining 153 per cent. The surge started during the late trading session of May 12, to the early trading hours of the May 20 trading session. Since then, the prices have been trading downwards.
Today’s drop is a continuation of the past few days. The bearish trend is also likely to continue in the next coming sessions. Therefore, I expect the prices to trade below the $1.5 price level in the coming days. There is also a likelihood of the prices approaching the recent lows of $1.118.
However, if today’s trading session reverses and closes above the opening price of $2.14, then my bearish analysis will be invalidated. It will also point to a possible bull run.