Technical analysis of the KNG token 29-06-2021
Kanga Coin, after dropping from PLN 4.24, at the beginning of May still remains around PLN 3.5. Throughout June, we observed several attempts to bring the KNG token price lower, but each time there were many buyers who took advantage of such a favorable price and bought these tokens from PLN 3 to PLN 3.5, and with increased turnover. The result was long lower wicks on candles, which is especially visible from June 6th to June 12th. On June 18th, we also had a very high turnover (almost PLN 25,000), an attempt to break the top from the current consolidation and a move towards PLN 4, but with much lower turnover, the KNG token returned to PLN 3.5.
For now, therefore, in the longer term, KNG is valued at PLN 3.5 by the market. Only the break above PLN 3.95 – PLN 4 should start a long-term uptrend, and a fall below PLN 3 – a downward trend. However, looking at the volume of turnover each time there is a decline and the depth of the order book, it seems that a downtrend is less likely.
Current price: PLN 3.48
Resistances: 3.88 – 3.96, 4.34 – 4.5
Support: 2.9 – 3.12, 2.5
The KNG token reacted, like other cryptocurrencies, to declines in Bitcoin, which resulted in drops from PLN 3.88 on June 18th to PLN 3.12 on June 26th. However, there was a demand with increased turnover and after a temporary stop, the token began to bounce up by itself, and this movement was additionally supported by increases in bitcoin. Currently, the KNG token is under significant resistance, which is the level of PLN 3.5, which previously prevented it from further increases on June 24th. If we manage to break this level, the current declines can definitively be considered over and the road to the price of PLN 3.75 and ultimately even to PLN 4 will open.
The situation on the KNG coin in relation to ethereum is very interesting. While we observed a consolidation in relation to the PLN in the longer term (daily candles), those who left ETH to KNG at the beginning of June should not regret their decision in May. At that time, the KNG token reached the minimum level of 0.000205 on May 13th, and the maximum on June 22nd at the level of 0.000515. Currently, the price is around 0.000488 and this is still with the price increase on ethereum.
The KNG / ETH pair is therefore in an obvious uptrend, and breaking the resistance 0.00048300.000515 opens the way towards 0.0006. Long bottom shadows on the candlesticks indicate further gains, which indicate demand for KNG below current prices. Also, a large number of buy orders lower in the order book and a relatively shallow order book above the current price indicate that breaking the resistance should be much easier than the support.
Current price: 0.000479
Resistances: 0.000483 – 0.000515, 0.0006
Support: 0.000375 – 0.000400, 0.000295 – 0.000301
Possibility of arbitration:
KNG tokens for ethereum can also be purchased on the Polygon network using Quickswap(https://quickswap.exchange/) where the purchase price is currently 0.000457889. This is 5.5% cheaper than the Kanga exchange and allows us to arbitrage between the Polygon swap and the Kanga exchange.
KNG tokens are also available on Uniswap v2 in the etherum network(https://app.uniswap.org/#/swap?use=V2). Here the price is currently 0.000458 ETH for 1 KNG, so 4.5% cheaper than on the stock exchange.
Maciej Harcej – Liga BTC
for Kanga Exchange