Kyber Network plunges around 23% in just one day as volume spikes on KyberSwap upgrades and new liquidity amalgamations.
Kyber Network Crystal (KNC) accumulated over 23% in the latest trading sessions, influenced by surged trading volume and the latest platform upgrades, as per the market data.
The progress of the token compared with losses listed by various large-cap cryptocurrencies in that same period, as per the trading data. Trading volume for Kyber Network Crystal surged substantially in the short term, attaining levels not witnessed in the past few months, as per the exchange data.
Increased trading volume can boost price movements when amalgamated with purchasing pressure, as per the market analysts. Kyber Network publicised various product amplifications to its decentralised exchange platform.
The protocol widened cross-chain functionality on its swap product, permitting users to exchange assets over various blockchains using liquidity from different providers in a single transaction, as per the statement of the company.
The Additional Features
The platform also rolled out Smart Exit, aimed at liquidity providers, which automates position exits as per predefined conditions for profit-taking, risk management, or time-based parameters, as per the announcement.
The feature has been placed on some networks, with additional amalgamations planned, the company mentioned. Kyber Network fulfilled an amalgamation with Vaultedge, taking extra assets to the swap platform and widening liquidity routing options, as per the company.
One more amalgamation is set for future deployment, which is anticipated to further widen the platform’s liquidity access, the company mentioned. Taking the technical analysis perspective into account, the token broke above a short-term moving average that had so far acted as resistance, the chart data reports.
The level now indicates a potential support zone, technical analysts mention. Keeping price levels over the support could show a continued upward trajectory toward nearby resistance levels.
A break over resistance may result in extra gains; however, if it does not succeed in holding support, mainly with slipping volume, it could lead to price retracements, as per technical analysis.
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