Kyber Network and Loopring prices are bottoming up after steep losses in the last two months. LRC/USDT may reach $0.30 as KNC/USDT bulls target $2.3 in the short term.
The platform allows users to swap tokens without an intermediary. The KNC token in this DeFi platform brings together all stakeholders.
KNC prices plunged 80 percent from peak to spot levels.
There are hints of KNC rejuvenation, but the path of the least resistance remains southwards unless otherwise there is a sharp close above the primary resistance trend line and wedge.
Presently, KNC is retracing from July 26 highs, sliding six percent against the USD.
Sellers, regardless of recent gains, are in the driving seat.
KNC/USDT prices are within a wedge, a bull flag, as buyers find support from a critical support line.
The double-bar bullish reversal of July 20 and 21 could be the launchpad for more gains in the days ahead, especially of buyers close above $1.5.
Risk-off traders can find buying opportunities in lower time-frames, targeting $2.3 in the short-term, anticipating a bullish breakout pattern.
Meanwhile, risk-averse KNC/USDT buyers can wait for a high-volume, wide-ranging bull bar above $1.5 for guidance before committing capital.
In this case, the resulting wave of demand would quickly thrust KNC above $2.3 as prices reverse after sinking 80 percent from H1 2021 peaks.
This platform fronts the use of Ethereum's Layer-2 solutions. DEXes built on this protocol enjoy high throughput and low transaction fees.
LRC is the native token.
Recent gains have been relieving for LRC holders.
Considering the vicious bears of Q2 2021, the relief bounce is welcomed.
Presently, LRC is down six percent against the USD, notably trading above the middle BB—the main resistance line.
Overly, sellers are remotely in control though this could change if LRC/USDT prices reject lower lows, comprehensively closing above the middle BB and $0.20.
LRC/USDT prices have support. Buyers could overcome the strong bears of the last two months.
From the daily chart, LRC prices are back above the middle BB and inside the June 27 trade range.
Accordingly, every low could be a buying opportunity for traders targeting $0.30 – June 27 highs and later $0.43 as the price action swings round to favor buyers.