Kyber Outperforming Markets, What Next?

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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.

Kyber Daily Chart



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