Technical analysis of KNG/USDT 28.09.2021

Technical analysis of KNG/USDT 28.09.2021
Metahero on Kanga Exchange
New Kanga Exchange office in the Czech Republic


The price of KNG before trading closed was hovering around 20 PLN, although we could also see a higher price of about 23 PLN. At times KNG even cost around 27 PLN in the KNG/ETH pair. 

After the KNG market opened yesterday (at 12:00) there was a very high turnover and the KNG token reached $20. In the afternoon we could see a correction and a short fall near $15. However, at night the token started to regain in value and returned to the level of $19.95. It is in this zone ($19.95-20.00) that the resistance is currently shaping. It is also apparent from the order book, where there is a big sale order at the level of $20. 

In the past four hours KNG is again undergoing a correction and we are currently close to the 0.618 Fibonacci retracements ($17.97) with technical and psychological support. The order book shows a significant purchase order also at this level ($18).

Once the current $17.95-18.15 support is reached, I expect an upward bounce and further rises after the strong resistance at the level of $20 is broken.  This scenario will be nullified in case the support is broken. 

Current price: $18.50

Resistance levels: $19.95-20.00, $21.90-22.00, $25-25.15

Support levels:  $17.95-18.15, $16.74, $14.76-15

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