DAO Maker (DAO) and Kyber Network (KNC) Technical Analysis: What to Expect?
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DAO Maker (DAO) and Kyber Network (KNC) Technical Analysis: What to Expect?

June 17, 2021      Dalmas Ngetich

Kyber Network and DAO Maker prices are still fragile, feeble despite traders’ optimism. KNC/USDT may retest $2.3 in the short term, while DAO/USDT bulls are open for $3.5.

DAO Maker (DAO)

DAO is the governance token of the platform seeking to create growth technologies and funding frameworks for startups.

Past Performance of DAO

Presently, prices are looking up after the plunge in the first half of Q2 2021.

Bottoming up from the 78.6 percent Fibonacci retracement level of the Q1 2021 trade range, there are tinges of strength that must be confirmed.

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DAO is firm, confirming gains of last weekend.

Day-Ahead and What to Expect

If the middle BB guides, the path of the least resistance is southwards.

Even so, the close above $3 may provide the necessary foundation for more gains in the days ahead.

For the first time in more than a month, DAO/USDT is trending above the 20-day moving average.

DAO/USDT Technical Analysis

DAO Price Daily Chart for June 17

A market-wide recovery may boost DAO bulls, lifting confidence.

Sustained gains above $3 confirm a breakout. In that case, risk-off traders can load dips, aiming at $3.5.

Meanwhile, a change in fortune forcing DAO below $2.5 deflates bulls’ attempts.

Kyber Network (KNC)

The DEX is where traders can swap tokens without an intermediary. Their partnership with Polygon makes trading Gas-free. KNC is their primary token.

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Past Performance of KNC

KNC/USDT is confirmed in tight ranges in a defined downtrend.

Although there are signs of bulls, $2.3 still proves to be a strong liquidation line.

However, higher highs above the minor support trend line fortify bulls, cementing their resilience.

At press time, KNC hast posted marginal gains across the board, adding eight percent against ETH.

Day-Ahead and What to Expect

Presently, KNC prices are down 40 percent from Q1 2021 peaks. Even so, prices are flat-lining with resistance at $2.5.

The minor support trend line visible in the daily chart props bulls.

A close below $1.5 shifts strength to bears.

KNC/USDT Technical Analysis

KNC Price Daily Chart for June 17

KNC/USDT prices are within June 13 bull bar, signaling strength and bulls.

As such, if there is expansion above $2, confirming the double bar bullish pattern, risk-averse traders may find loading opportunities targeting $2.3—or March and April 2021 lows.

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Further gains may lift KNC/USDT towards $4.

On the other hand, KNC may collapse if $1.2 fails, mirroring losses of May 2021.

#DAO #DAO/USDT #DAOMaker #DeFi #KNC #KNC/USDT #Kyber Network
Dalmas Ngetich
Dalmas Ngetich

Dalmas has been passionate about the blockchain and crypto space ever since he’s heard about it. As someone who’s been closely following the trends in the crypto space, Dalmas is excited about what lies ahead in this niche and is all set to explore it. While he’s been advocating crypto adoption for a number of years, he’s himself a HODLer, which makes his voice authoritative and credible.