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Technical analysis of KNG/USDT 28.09.2021

Technical analysis of KNG/USDT 28.09.2021

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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