The cryptocurrency market will end the week on a positive note after adding more than 2% to its value in the last 24 hours.
The broader crypto market has added more than 2% in the last 24 hours. At press time, the total cryptocurrency market cap stands above $1.26 trillion.
Bitcoin is trading above $30k again after spending the majority of this week below this threshold. Ether, the world’s second-largest cryptocurrency by market cap, is trading at $2,000 again after adding more than 2% over the past few hours.
KNC, the native token of the Kyber Network Crystal, is the best performer amongst the top 100 cryptocurrencies by market cap. Over the last 24 hours, KNC has added more than 24% to its value.
The primary catalyst behind this ongoing rally is the launch of the KyberSwap referral campaign. The Kyber Network team announced via Twitter on Friday that it would be giving away $2,000 in KNC tokens to the lucky winners.
The team said ten random lucky winners would walk away with $200 in $KNC rewards.
🍀🥳10 random lucky winners walking away with $200 in $KNC rewards!
⏰Campaign is from 20 May to 26 May so hurry! 🏃♂️💨
🧐Learn how you can participate: https://t.co/HrsA5tIjNN
— Kyber Network (@KyberNetwork) May 20, 2022
Key levels to watch
The KNC/USD 4-hour chart is currently the most bullish amongst the top 100 cryptocurrencies by market cap. The technical indicators show that the coin has outperformed many other coins today.
The MACD line is above the neutral zone, indicating a positive momentum. The 14-day relative strength index of 71 shows that KNC could soon enter the overbought region.
At press time, KNC is trading at $2.779 per coin. If the rally continues, KNC could surge past the first major resistance level at $3.13 before the end of the day. In the event of extended positive performance, KNC could trade above the $3.5 resistance level for the first time in three weeks.