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A prolonged period of bearishness coupled with the global market sentiments has resulted in Kyber Network Crystal v2 (KNC) crypto’s mixed market performance on poor run in the market on 26 July. The multi-chain crypto trading and liquidity platform has been down by 10.7% over the past week or so, according to CoinGecko.
The KNC crypto targets the liquidity issue in the DeFi industry by allowing project developers to develop without fretting over the issues of lack of liquidity for various other needs. In short, it can be best described as the glue which connects the stakeholders DeFi ecosystem. The holders of the KNC token get voting rights which allows them to govern the tokens and earn staking rewards in Ethereum (ETH) in return.
The Kyber Network Crystal v2 (KNC) crypto on 27 July was rallying by 2.28% and a volume loss of over 43% at 7:10 AM (GMT+1), according to CoinMarketCap.
Why is KNC crypto rallying today?
KNC crypto’s mixed performance over the past month may be one of the reason for the rally today. The overall crypto market cap have been volatile of late and on 27 July was up by 1.80% with an overall market cap of US$985.01 billion, according to CoinMarketCap.
Though the market already caught in the grips of the speculation of what the Federal Open Market Committee Meeting would bring, the KNC crypto is keen to win back some of the market participants with the announcement of its Trading Contest.
Announcing the trading contest, the KyberSwap’s TradingContest is exclusively for the Cronos platform users. The Cronos users will get the opportunity to swap minimum of US$50 in trade volume on Cronos and get an opportunity to win a share of 10,000 USDC rewards.
Image Credit: Trading View
The KNC crypto’s charts indicate a dropping trend in the intra-trading scenario. The RSI on 27 July stood at 47 at 7:10 AM (GMT+1).
The MACD indicator shows the Signal line and MACD line being both parallel to each other. The momentum has not been on the KNC’s side of late with the recent dips.
KNC crypto’s price and performance
The KNC token was trading at US$1.35 with a trading volume of US$3,40,71,511, as per CoinMarketCap. The Kyber Network Crystal v2 protocol had a live market cap of US $23,95,06,939 with a total supply of 17,78,09,350 KNC coins.
KNC’s rally would be a relief considering over the past week it hasn’t had a great run. But despite the gains, the KNC crypto has witnessed increased volatility in the token. Therefore, as a market participant, it would be advisable to do proper market research in order to make sure that they don’t make a decision that is based on a lack of knowledge of the market.
