Technical analysis of the KNG token 6-07-2021
Kanga Coin (KNG) has been firmly gaining in value against the PLN in recent days and all that with increasing turnover. It bounced from the minimum value at the level of 3.12 zloties a week ago (Sunday 27th June) to reach the maximum of 4.39 zloties on Saturday 3rd July. And on that day we observed the biggest volume on the currency pair – almost 65,000, creating a doji candle, which usually implies indecisiveness on the market. A correction appeared already on Sunday and now we are experiencing a defensive battle for the 3.50-3.68 support.
If indeed the support at the level of 3.50-3.68 can be defended, we can expect another upward move for KNG towards 4.00 zloties and a subsequent rise to the last peak at 4.30-4.40. If, however, the 3.50-3.68 zone was actually broken, then another move toward the level of 2.9-3.12 is to be expected.
Current price: 3.73
Resistance levels: 3.88-4.00, 4.30-4.50, 5.00
Support levels: 3.50-3.68, 2.9-3.12, 2.5
After KNG/ETH broke out of the former consolidation between the levels of 0.0003 ETH and 0.0004 ETH for a few days we were observing an obvious rising trend. During this time of increase KNG reached the maximum at the level of 0.000515 ETH on 22nd of June and since then the KNG/ETH pair has again been forming a consolidation of 0.0004-0.0005.
Since this Saturday we have been observing a few attempts to break out from the consolidation zone downwards, yet each time Bulls manage to defend the support leaving long wicks at the bottom, which indicates a strong demand below the support level.
If the situation continues with each day there is higher probability of an upward move. Then the nearest resistance level is 0.000483-0.000513. If, however, the support zone of 0.000375-0.000400 was actually broken – which I think is less probable – we shall be returning towards the 0.000295-0.000301 zone.
Current price: 0.000426
Resistance levels: 0.000483-0.000515, 0.0006
Support levels: 0.000375-0.000400, 0.000295-0.000301
The KNG tokens can also be obtained for ETH on the Polygon network with the use of Quickswap (https://quickswap.exchange//) where the purchase price is 0.000419584, so that is 1.5% more expensive than on Kanga exchange, and which gives us the opportunity of arbitraging the swap on Polygon and the Kanga Exchange.
The KNG tokens are also available on Uniswap v2 in Etherum network (https://app.uniswap.org/#/swap?use=V2). Here the current price is 0.00044368 ETH for 1 KNG, so 4.0% more expensive than on the exchange.
Maciej Harcej – Liga BTC for Kanga Exchange