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The cryptocurrency market will end the week on a positive note, having gained more than 2% of its value in the last 24 hours.
The broader crypto market has gained more than 2% in the last 24 hours. At the time of writing, the total market capitalization for cryptocurrencies is over $1.26 trillion.
Bitcoin is trading above $30,000 again after spending most of this week below this threshold. Ether, the second largest cryptocurrency in the world by market capitalization, is trading at $2,000 again after gaining more than 2% in the last few hours.
KNC, the native token of the Kyber Network Crystal, is the best performer among the top 100 cryptocurrencies by market capitalization. In the last 24 hours, KNC has increased its value by more than 24%.
The main catalyst behind this ongoing rally is the launch of the CyberSwap referral campaign. The Kyber Network team announced via Twitter on Friday that it will be giving away $2,000 worth of KNC tokens to the lucky winners.
The team also said that ten random lucky winners would be presented with $200 in $KNC rewards.
✍️Introduction #KyberSwap‘s Referral Campaign! $2000 in $KNC Rewards Up for Grabs When You Share! 🤝
🍀🥳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
Important levels at a glance
The KNC/USD 4-hour chart is currently the most bullish among the top 100 cryptocurrencies by market capitalization. The technical indicators show that the coin has surpassed many other coins today.
The MACD line is above the neutral zone, which indicates a positive momentum. The 14-day relative strength index of 71 shows that KNC may soon enter the overbought area.
At the time of writing, KNC is trading at $2,779 per coin. If the rally continues, KNC could rise above the first major resistance mark at $3.13 before the end of the day. In the event of a continued positive performance, KNC could trade above the USD 3.5 resistance mark for the first time in three weeks.
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