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Technical analysis of KNG/USDT 5.10.2021

Technical analysis of KNG/USDT 5.10.2021

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Having reached its ATH on 30 September at the level of $35.97, the price of KNG went under correction. After the first drops towards the support at $25 we observed a few bounces up, e.g. on 1 October and 3 October. Today, however, the support was broken and currently the price hovers around $22-23. There is a slight support at this level, confirmed among other things by a big purchase order for 1794 KNG at the price of $22 each. We have an even more significant support below at $20-21, which is at the same time a psychological barrier for KNG. The current resistance is the recently broken $25 support.

If the $20-21 support was to be broken, I expect further declines even to the $16.74-17 zone.

If, however, the buyers manage to gain initiative and defend the $20 level, there should be a bounce up towards $25. Only breaking this level ($25-25.5) will reverse the trend for KNG/USDT and will open a way to the recent peaks. 

Current price: $22.85

Resistance levels: $25-25.50, $28.00, $31.00-32.15, $35.00-36.00

Support levels:  $20.00-$21.00, $16.50-16.74, $14.76-15, $10