Technical analysis of KNG 9.11.2021
It has been a week since the last analysis and after the declines the KNG token is still in a sideways movement and the support ($7.70-8.30) both in case of daily and 6h candles is being held. Currently we are closer to the bottom border of the support zone.
If KNG continues to hover in this range of consolidation the chances for it to break out in an upward movement and continue towards $10 (the psychological barrier) and next towards $11 (the resistance) will increase.
If, however, the Bears got their advantage again and broke the $7.70 level for good, then first I expect the $6.84-7 level to be tested again and finally the KNG to fall even to the $3.80-4.20 support.
For the past few days the turnover has been stable and there is no significant advantage during the rises or falls. Moreover, the last two candles closed at the same level despite some fluctuation of the KNG price. This situation, however, should not last too long and may indicate a coming turning point which will end with one of the sides surrendering to the other (the buyers or the sellers).
Current price: $7.81
Resistance levels: $8, $11, $16.50, $19.90-20
Support levels: $7.50-8.00, $6.80-6.90, $3.90-4.20, $2
Similarly to the KNG/USDT pair for over a week we have been observing a sideways movement on KNG/PLN. On the 30 October there was a drop and KNG closed around the 30.50 oPLN level. Later, at the beginning of the month, it bounced up but since the 5 November KNG is again moving along the support line.
Breaking the nearest resistance (40-41 oPLN) or support (30-31 oPLN) will give a signal for the further direction. If the move is upward it will open a way to the 49.50 PLN – 51.50 PLN level. However, breaking the support will lead to a further sale and a move towards 20 PLN.
Current price: 31,20 PLN°
Resistance levels: 40-41 PLN°, 49.50-51.50, 56-57
Support levels: 30-31 PLN°, 20, 15-17