Technical analysis of the KNG token 20-07-2021

Technical analysis of the KNG token 20-07-2021

KNG/PLN 1D

As I wrote a week ago having established a local 2 month peak at the level of 4.39 PLN on the 3rd of July and having created a doji candle KNG underwent a slight correction. The correction turned into consolidation somewhere around the level of 3.80 PLN.
Last Thursday KNG escaped upwards from its sideways movement and is now approaching the resistance level at 4.14 PLN, the closing level on the 3rd of July, and all this happened amidst overall negative moods in the cryptocurrency market and declines in Bitcoin overnight.

If KNG breaks the 4.14 level, this will open the way to the next target at 4.30-4.50, and later on at 5.00.
If, however, the attack failed I expect another drop towards the level of 3.88-4.00.

The increases are supported among other things by POS from KNG and additional bonus for enabling ‘auto deposits to PoS’.
The upward movement may in turn be hindered by deteriorating moods in the market. That is why I also recommend observing how the situation with BTC and ETH develops.

Current price: 4.07 PLN

Resistance levels: 4.14, 4.30-4.50, 5.00
Support levels: 3.88-4.00, 3.50-3.68, 2.9-3.12

KNG/ETH 1D

The KNG/ETH pair has been under consolidation between 0.0004 and 0.0005 for almost one month. However, on Wednesday it broke out of the zone in an upward move and today we even observed an attempt to rise above the 0.0006 resistance level. Currently, it is back to the level of 0.000551 ETH, but the KNG/ETH pair is still in an obvious rising trend.

If KNG manages to break through the 0.0006 resistance level for good, the market will then be looking for new resistance zones. Looking at the order book we can expect the first resistance at around 0.000641-0.00065, and beyond that we actually have unrestricted space for increase.
If, however, there should be further correction, the nearest support level is currently at 0.000483-0.000515.

Current price: 0.000551

Resistance levels: 0.0006, 0,000641-0,00065
Support levels: 0.000483-0.000515, 0.000375-0.000400, 0.000295-0.000301

Arbitrage option:

The KNG tokens can also be obtained for ETH on the Polygon network with the use of Quickswap (https://quickswap.exchange//) where the current purchase price is 0.000528178, so that is 4.3% cheaper than on Kanga exchange.

The KNG tokens are also available on Uniswap v2 in Etherum network (https://app.uniswap.org/#/swap?use=V2). Here the current price is 0.000521643 ETH for 1 KNG and is 5.62% lower than the cheapest offer available on Kanga exchange, which gives opportunity for arbitrage.

Maciej Harcej – Liga BTC for Kanga Exchange

Oceń artykuł!
[Liczba głosów: 0 Średnia ocena: 0]