KNC - Long Term Buy Opportunity
KNC experienced strong downward price pressure over the course of September as the token crashed to its multi year lows in area $1.1-1.4, where is currently sitting.
On RSI and MACD we can witness a potential bullish divergence on daily timeframes.
RSI is in very "unexplored" areas as it is in deeply oversold territory (27-29), at levels reached only at the peak of the crash in June 2022 and October 2021. Nonetheless, price formed an higher low in the RSI vs the June 2022 crash. A retracement to higher levels is very likely anytime soon.
I believe there is room for a reversal in price anytime soon. Volumes are falling, price is stabilizing, suggesting a potential U turn pattern.
First macro resistance zone to breach is in $2.0 area. If it breaks can lead to further upside.
Given long term nature of the trade, structuring the position including also spot buys would be preferable.
On RSI and MACD we can witness a potential bullish divergence on daily timeframes.
RSI is in very "unexplored" areas as it is in deeply oversold territory (27-29), at levels reached only at the peak of the crash in June 2022 and October 2021. Nonetheless, price formed an higher low in the RSI vs the June 2022 crash. A retracement to higher levels is very likely anytime soon.
I believe there is room for a reversal in price anytime soon. Volumes are falling, price is stabilizing, suggesting a potential U turn pattern.
First macro resistance zone to breach is in $2.0 area. If it breaks can lead to further upside.
Given long term nature of the trade, structuring the position including also spot buys would be preferable.
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