KNC Technical Analysis: Early Reversal Warns Channel Fallout

The KNC price trend takes a lateral shift near the 200-day EMA in the expanding channel teasing a bear cycle to the support trendline. The KNC price action displays a consolidation near the 200-day EMA, teasing a double top pattern forming with higher price rejection. The bearish candle with a 3.38% drop hints at a bearish downfall to the support trendline of the expanding channel. So, should you consider early profit booking in Khyber Network Crystal? Key Points: The Kyber Network Crystal prices struggle to rise above the 200-day EMA. The double top pattern teases a drop to the 50-day EMA. The intraday trading volume in Kyber Network Crystal is $92 million. Source – TradingView KNC Technical Analysis The KNC prices display a phenomenal uptrend in an expanding channel, accounting for a 68% jump in the last two months. The buyers created this distinctive bullish pattern of the reversal from the $1.19 support level to reclaim the crucial daily EMAs and reach the psychological mark of $2.0. However, the recent bull cycle from the 50-day EMA struggled to reach the resistance trendline due to the increased supply pressure above the 200-day EMA. Furthermore, the price action displays a double top pattern forming slightly above the 200-day EMA with multiple higher price rejection candles. Currently, the daily candle shows a 3.04% price drop, dropping below the 200-day EMA, teasing a fall to the 50-day EMA close to the support trendli...