Technical analysis of the KNG token 17-08-2021
On Thursday KNG reached a new ATH at the level of 11 PLN alongside vast turnover – three times higher than a day before. After a few hours of hovering around 10-11 PLN some investors realized their profits and finally KNG closed at the opening level. The next day brought another series of rises, this time more stable, and the following two days welcomed another correction and currently KNG is under consolidation around 7.10-7.20 PLN. This situation is normal after such a strong increase and quite typical for consolidation when accompanied by a decreasing turnover.
There is a strong resistance ahead for KNG at the level of 7.20 PLN, where there is a significant sales order. Breaking that level should lead to quick increases, since the former charge at 11 PLN caused a concentration of supply of KNG. Looking at the order book there is still a slight resistance at the level of 8 PLN.
If, however, there should come a deeper correction then one important support is to be found at the level of 6.75 PLN, where currently there is a purchase order for 1035 KNG awaiting. Only breaking that level will bring further drops towards 5.85 PLN.
Current price: 7.20 PLN.
Resistance levels: 7.20, 7.99-8.03, 8.55-8.60, 10.50-11
Support levels: 6.75, 5.85-6.10, 4.85-5.13, 3.70-4.10
The KNG/ETH pair has been forming a descending triangle for over ten days, which may be indicative of breaking out in a downward movement by going outside the 0.000520-0.000565 support and declining even further. However, if that were to happen, the breakout should come in the next two or three days. If, however, KNG should escape upwards by breaking through the 0,000585-0,000650 level, the market should reach 0.000895-0.00100 quite quickly.
Right now what we can see is that similarly to the KNG/PLN pair the biggest turnover for KNG/ETH was recorded on Thursday, when we also observed a substantial volatility. However, the pair reached its ATH at the end of July and that was at the level of 0.001295. If Etherum should undergo consolidation in a longer run we can expect another rise of the KNG/ETH pair. Otherwise, we may be returning to the levels we had in June and the first half of July, when the pair was moving sideways between 0.000400-0.000500. Only a strong acceleration of increases for ETH will probably cause the pair to fall.
Current price: 0.000574
Resistance levels: 0.000575-0.000585, 0.000895-0.00100, 0.00125-0.001295
Support levels: 0.000520-0.000565, 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 purchase price is 0.000656896 ETH, so the difference is 14% compared to the price on Kanga exchange and gives room for arbitrage.
The KNG tokens are also available on ShibaSwap in Etherum network (https://bit.ly/3Bt7gLA). Here the current price is 0.000568959 ETH for 1 KNG and is 0.8% lower than on Kanga exchange.
Maciej Harcej – Liga BTC for Kanga Exchange