KNC severe downtrend attracted whales and sharks that accumulate asset heavily
KyberNetwork’s number of banginių sandoriai is on a strong rise as key wallets that hold from 1 million to 10 million KNC added 20% of the supply to their holdings since July 31. The unexpected accumulation is not something nematytas for the network: the last time it happened, KNC saw almost a 70% increase in six months.
Whales’ behavior
Whales tend to accumulate heavily during dips in the market or low nepastovumas periods, which can be applied to the state of KNC. In the last 12 days, KNC has shown almost nonexistent volatility, making accumulation a tempting activity.
🐳 #KyberNetwork Per pastaruosius tris mėnesius banginių sparčiai kaupėsi, o raktų piniginėse telpa 1–10 m USD KNC liepos 20 d., papildydami savo valdas 31% pasiūlos. Paskutinį kartą toks susikaupimas buvo pastebėtas, USD KNC per 67 mėnesius išaugo +6%. https://t.co/3P4j7fjHqo pic.twitter.com/q1XUDIRMVr
- „Santiment“ (@santimentfeed) Spalis 24, 2022
Prior to entering the low volatility rangebound, KNC has suddenly started to move down while being on a steady uptrend for more than two months. The fading volume profile during the uptrend showed that it had little or no support from whales or large investors, which is why the drop was so severe and unexpected.
skelbimai
The accumulation we are seeing now can be considered a positive sign for the network, as it should act as a foundation for a recovery rally that should start at some point. However, the large percentage of the supply in the hands of whales only has a temporary positive effect that will turn into selling pressure when the rally accelerates.
KNC technical analysis
Unfortunately for long-term KNC holders, the asset has shown almost no profitability for those who purchased it after 2019. The price level we are seeing now corresponds to the level traders exchanged with KNC back in October 2020.
At press time, KNC is trading at $0.84 with a 0.49% price increase in the last 24 hours.
Source: https://u.today/kybernetwork-knc-saw-unusual-spike-in-whales-accumulation-whats-happening