KNCUSD strategy inside the abyss
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KNCUSD is suffering, and honestly shows no clear signs that it will recover against the rest of the market at the present moment. I listed a few key support and resistance areas on the chart.
To the downside, $0.50 support is extremely strong. In the current market conditions, it's hard to suggest keeping capital on the side and waiting for this area, but maybe just a zone to keep in mind in case the situation gets even worse and you are looking to rebalance from other coins that have pumped up. It's definitely possible, and I daresay probable that the local bottom is already in, but the setup looks surprisingly similar to XTZ which recently made a new lower low. It's not hard to imagine other weak alts breaking further down to also make lower lows.
To the upside, we are pushing up against key downtrend resistance at the moment. If this breaks, the low $0.9 range is on the table and worth taking some profits if you entered now at $0.8. Beyond that point, there is another huge downtrend resistance to fight through. If somehow KNC musters the strength to break through the second downtrend resistance, then targets around $1.5 are on the table. At this point, I would strongly advise taking the majority of profit in this $1.5 to $1.6 range and seeing what the market reaction is. If the reaction is violent downside as was the case in November, then we'll need to reassess the situation when the new data is available. If it shows strength and converts prior resistance back into support, then it's possibly worth getting back in and hoping for a breakout above $2.0 with upside targets above $3.0, but it's not a sure thing.
It is almost never advisable to invest in an asset that shows extreme weakness in a bull market and has not yet displayed any signs-of-strength, but in case you're already holding heavy bags, hopefully this analysis helps a bit. Let's see what happens.
To the downside, $0.50 support is extremely strong. In the current market conditions, it's hard to suggest keeping capital on the side and waiting for this area, but maybe just a zone to keep in mind in case the situation gets even worse and you are looking to rebalance from other coins that have pumped up. It's definitely possible, and I daresay probable that the local bottom is already in, but the setup looks surprisingly similar to XTZ which recently made a new lower low. It's not hard to imagine other weak alts breaking further down to also make lower lows.
To the upside, we are pushing up against key downtrend resistance at the moment. If this breaks, the low $0.9 range is on the table and worth taking some profits if you entered now at $0.8. Beyond that point, there is another huge downtrend resistance to fight through. If somehow KNC musters the strength to break through the second downtrend resistance, then targets around $1.5 are on the table. At this point, I would strongly advise taking the majority of profit in this $1.5 to $1.6 range and seeing what the market reaction is. If the reaction is violent downside as was the case in November, then we'll need to reassess the situation when the new data is available. If it shows strength and converts prior resistance back into support, then it's possibly worth getting back in and hoping for a breakout above $2.0 with upside targets above $3.0, but it's not a sure thing.
It is almost never advisable to invest in an asset that shows extreme weakness in a bull market and has not yet displayed any signs-of-strength, but in case you're already holding heavy bags, hopefully this analysis helps a bit. Let's see what happens.
İşlem aktif
Hit the first set of targets at $0.92. Buy on the pullback and prepare for >$1Not
Wow! That was fast! The zone just under $1.3 was a good place to skim some profit. Now we need to wait and see if it can hold above support formed from prior downtrend resistance. Holding above $1.10 would be very bullish, and indicate that the eventual $1.5 - $1.6 range is just a pit stop to higher highs. If it drops back down, I'd expect a quick wick back to the $0.92 zone as a final shakeout. The nature of the drop, or absence of the drop, will provide useful clues about the future trajectory. We don't want to see a daily candle close below support, otherwise it could take some time to build up enough energy to punch through again.Not
It looks like KNC will start to play around in the $1.5 to $1.6 resistance zone in the next 24 to 48 hours unless we see a broader market pullback. It could go all the way up to $1.7, but I have a hard time believing it will pump straight through this resistance into the $2.0 range without a big pullback or a long sideways battle. It hasn't shown the kind of strength or buying pressure necessary to smoke this zone, let alone any resistance zone.
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