Technical analysis of the KNG token 03-08-2021
Last week the KNG token continued to rise reaching its All-Time High on Wednesday, 28 July, at the level of 8.25 PLN. There was a slight move back on that day, but Thursday brought a confirmation of the peak with a closure at the level of 7.80 PLN.
Such a strong increase in a short time obviously caused some investors to decide to realize their profits, which lead to a correction and a decline even at times to the level of 5.60 PLN on Friday. Since then we have been observing a consolidation around the 6.00 PLN support level.
If KNG manages to stay above the 6.00 PLN level I expect it to go back to rising and once it breaks over the level of 6.10 PLN there will first be a movement towards 6.50, subsequently towards 7 PLN and ultimately another charge at ATH.
If, however, the support at the level of 5.85-6.10 was to be broken, then the next important support will be at 5.60-5.68, where there are large orders for purchase. The next support is around 5 PLN.
Current price: 6.00 PLN.
Resistance levels: 6.50, 6.95-7.05, 7.80-8.25
Support levels: 5.85-6.10, 5.60-5.68, 4.85-5.13
On Tuesday KNG/ETH broke out in an upward direction from the sideways movement it had been experiencing till then, reaching the maximum of 0.001295 on Wednesday. Moreover, Wednesday brought a big fluctuation on that pair, when it reached both – its minimum at the level of 0.000520, as well as the above mentioned maximum of 0.0001295. It finally closed at 0.000878. Next day there was a continuation of rises and the pair closed at the highest level of 0.000999, whereupon there was a realization of gains similarly to the KNG/PLN pair on Friday. Up till yesterday KNG/ETH consolidated over the support level of 0.000600, however, an attempt to break that level is ongoing.
If the Bears manage to break the 0.000576-0.000630 support for good, I expect a decline to the level of 0.000500, where the next support is awaiting. Breaking this level could mean a fall even to 0.000350-0.000400.
If, however, the KNG token returned over the level of 0.000576, we will be back under consolidation in the 0.000576-0.000630 support zone. Only breaking over this level will open a way to 0.000750.
Current price: 0.000527
Resistance levels: 0.00075, 0.000990-0.00100, 0.00125-0.001295
Support levels: 0.000576-0.000630, 0.000498-0.000513, 0.00035-0.000400
The KNG tokens can also be obtained for ETH on the Polygon network with the use of Quickswap (https://quickswap.exchange), where the current sell price is 0.000620191, so that is 17.6% higher than on Kanga exchange, which gives opportunity for arbitrage.
The KNG tokens are also available on ShibaSwap in Etherum network (https://bit.ly/3Bt7gLA). Here the current price is 0.000573152 ETH for 1 KNG and is 8.7% higher than on Kanga exchange, which gives opportunity for arbitrage.
Maciej Harcej – Liga BTC for Kanga Exchange