The KNG token remains in a downward trend. A week ago the price was at the level of $10.51 and we could observe a consolidation between the $11.25 and $16.30 levels. Finally, however, KNG broke out of the triangle in a downward movement and broke the $10.50-11.25 support on the 28 October. For a while we could even see it fall to the level of $6.84, but ultimately all daily candles closed near the $7.70-8.30 support.
If KNG continues the downward trend then once it breaks the $7.70-8.30 support for good, I expect the $6.84-7 to be tested again and finally drop even to the $3.80-4.20 support level.
If, however, the Bulls defended the current support (around $8) in the coming week, then the chances for the trend to reverse would significantly increase. This will only be confirmed when KNG returns to $11.25.
The decreasing turnover over the past few days may suggest that another scenario will take place (an increase). Improving moods in the market, which cause many ALTs to rise, are also in favor of KNG. However, for now the market is stable – there are no big orders for purchase or sell in the order book. We must then wait for a signal from the market and for the nearest resistance or support levels to be broken.
Current price: $8.74
Resistance levels: $16-17, $20, $24-25.50, $29-30, $34-35
Support levels: $10.50-11.25, $7.70-8.30, $3.80-4.20, $2
The KNG/PLN market was opened again on the 25 October and is following the trends we see in KNG/USDT market. However, in recent hours the turnover for KNG/PLN is bigger than for KNG/USDT.
Currently we can observe a consolidation between the 30 PLN and 40.50 PLN levels. Once the nearest resistance or support levels are broken it will give a signal for the further direction. If there should be an upward breakout, it will open a way to the 49.50 PLN – 51.50 PLN level. However, breaking the support will result in a further sell and a movement towards 20 PLN.
Current price: 35,51 PLN°
Resistance levels: 40-41 PLN°, 49.50-51.50, 56-57
Support levels: 30-31 PLN°, 20, 15-17