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Kanga
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KNG/PLN 1D
As forecasted in last week’s analysis after breaking the resistance at the level of 4.14 PLN and later also at 4.30-4.50 KNG settled around 5.00 PLN at the weekend. After temporary delicate drops to the level of 4.70 on Sunday, yesterday it returned up and currently KNG is at the level of 5.17. Moreover, yesterday’s breakout took place during a significant increase of turnover (44,000 PLN), which additionally strengthens the significance of the breakout and usually foreshadows a further continuation of the rising trend. Further increases are also supported by the improving sentiments in the cryptocurrency market.
Currently we have entered a new zone for KNG, so it is more difficult to predict the resistance level, but we can use the data from the order book and the KNG/ETH pair to do so.
After yesterday’s breakout KNG has an open way to the level of 5.18-5.20, where we have a lot of orders for sale. After that the next resistance can come somewhere around 5.58-5.60.
The support level is between 4.80 and 4.90.
Current price: 5.17 PLN.
Resistance levels: 5.18-5.20, 5.58-5.60, 5.95-6.05
Support levels: 4.80-4.90, 4.00-4.14, 3.35-3.42
KNG/ETH 1D
The price of KNG against ETH has remained quite unchanged in the perspective of the former week. Last Tuesday we observed an attempt to break beyond the 0.0006 resistance, but finally KNG returned to the opening level and remained in that position for the next two days. On Friday the market managed to rise over the resistance, yet already on Saturday it went back down below the resistance and still remains below that level. The recent hour brought a slight correction. A similar situation was experienced yesterday, after which the market returned below the resistance.
So KNG/ETH still continuous to move sideways within the 0.0005-0.0006 zone. Only a constant breakout above one of those levels will give a clear signal as to the further direction. In the long run KNG still remains in a rising trend, broken by periods of consolidation.
When the 0.0006 resistance level is broken, I expect movement towards 0.000641-0.00065. If, however, there should be further correction then the nearest support level is currently at 0.000498-0.000513.
Current price: 0.000534
Resistance levels: 0.0006, 0.000641-0.00065, 0.000695-0.000705
Support levels: 0.000498-0.000513, 0.000375-0.000400, 0.000295-0.000301
Arbitrage option:
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 0.000578594, so that is 8.3% cheaper than on Kanga exchange.
The KNG tokens are also available on Uniswap v2 in Etherum network (https://bit.ly/3Bt7gLA). Here the current price is 0.000593852 ETH for 1 KNG and is 11.2% lower than the lowest available offer on Kanga exchange, which gives opportunity for arbitrage.
Maciej Harcej – Liga BTC for Kanga Exchange