KNC dips by 7%, but Bitizen Wallet’s adoption could push it higher soon

• KNC has lost roughly 7% of its value today as the market becomes bearish. 

• Bitizen Wallet has integrated with Kyber Network’s KyberSwap Aggregator.

• The total crypto market cap could drop below $800 billion if the bearish trend continues.

Bitizen Wallet integrates with KyberSwap Aggregator

KNC, the native token of the Kyber Network, has been underperforming over the past few hours. The token has lost roughly 7% of its value in the last 24 hours but could rally higher soon.

The poor performance comes despite Bitizen’s adoption. Kyber Network announced a few hours ago that Bitizen Wallet has integrated with its KyberSwap Aggregator.

We’re excited to announce @BitizenWallet has integrated #KyberSwap Aggregator!🥳

Bitizen users, now YOU can get the best rates when you swap on Bitizen 😉https://t.co/MSQmrZNhDr: Making DeFi easy for all since 2017 #KyberIsBack pic.twitter.com/OsLIiFRZmX

— Kyber Network (@KyberNetwork) December 7, 2022

Thanks to this latest cryptocurrency news, Bitizen users can now get the best rates when they swap on KyberSwap. 

KNC’s poor performance is in line with the broader cryptocurrency market. The crypto market has lost roughly 2% of its value in the last 24 hours, and the total crypto market cap now stands at $839 billion.

Bitcoin, the world’s leading cryptocurrency by market cap, has been struggling below the $17k level since the start of the week. The price of Bitcoin remains below $17k after losing 1% of its value in the last 24 hours. 

Key levels to watch

The KNC/USD has turned bearish as Kyber Network has been underperforming over the last few hours. The technical indicators show that the broader crypto market is outperforming KNC at the moment. 

The MACD line dipped into the negative zone a few hours ago, indicating that the bears have taken control of the market. The 14-day RSI of 41 shows that KNC is heading into the oversold region if the the bearish trend continues.

At press time, KNC is trading at $0.6281 per coin. KNC could drop below the $0.5785 support level in the near term if the current market conditions persist. Unless the market conditions improve, KNC could test the $0.5402 support level in the near term. 

With Bitizen’s adoption, KNC could recover and rally toward the $0.6995 resistance level over the next few hours. 

Where to buy Kyber Network now