Kyber Network and Fantom prices are bottoming up even though momentum has tapered. Still, KNC/USDT is bullish above $1.5, while FTM/USDT could shoot to $0.40.
The Directed Acyclic Graph (DAG) smart contracting platform, Fantom, allows developers to build without worries of speed and high transaction costs. FTM is the project's native currency.
FTM prices plunged 80 percent from 2021 peaks, finding support from around the 78.6 percent Fibonacci retracement level.
There is a tide spelling relief for traders.
The confirmation of the double-bar bullish reversal pattern of June 12 and 13 sparked activity, drawing buyers.
FTM is up eight percent, building on June 14 gains.
Candlestick arrangement favor bulls as price action in the daily chart reveal.
FTM/USDT bulls may also break above the flexible resistance line, the middle BB, for the first time in over three weeks.
With increasing volumes—demand—this would confirm buyers of May 23 and 24.
Reading from the daily price chart, buyers are flowing back.
The bullish engulfing pattern of June 13 is with high volumes. Subsequent confirmation is a shot in the arm for optimistic bulls.
Accordingly, every low, especially gains above the middle BB, may catalyze demand, possibly lifting FTM towards $0.40.
The project is one of the earliest DEX, allowing trustless swapping of tokens.
Moreover, it is developer-friendly, meaning it is easier to integrate with other platforms.
KNC is its governance token.
The technical candlestick pattern in the daily chart points to consolidation.
KNC/USDT is within a $1.2 zone with caps at $1.2 and $2.3 on the upside.
Although there are signs of rejuvenation, the failure of bulls to confirm gains over the weekend is bearish.
At press time, KNC is steady percent though trading volumes are up 10 percent on the last trading day.
KNC/USDT is within a bearish trading pattern, consolidating below $2.3.
Prices are also recovering from the 78.6 percent Fibonacci retracement level, the main support line.
Meanwhile, the 20-day moving average gradient turns positive after relentless bear pressure.
A close above $2.3 nullify sellers, setting a solid base for a moonshot towards $4—Q1 2021 highs.
Before then, sellers are in control until after there is a high-volume close above $2.3 in a trend continuation pattern.
As such, risk-averse traders can watch events unfold from the sidelines.
In the meantime, aggressive KNC buyers can buy the dip as long as prices trend above $1.5 and the minor support trend line.