After reaching its ATH at the level of 8.25 PLN last week KNG dropped to the level of 6 PLN. As predicted in the last analysis, after it consolidated around this level and successfully defended the 5.85-6.10 support, KNG is again in a rising trend and is nearing its ATH.
This time the increase is more steady and looks organic, but it is a good sign for KNG and evidence that there is a constant demand for the token. If the demand should increase around the level of 7.80-8.25, I expect the ATH to be broken and the token to rise on towards 9 PLN.
If, however, the increase slowed down at the resistance level and there should be another correction, we will see the formation of a double peak, which is an introduction to much deeper falls. In that case first there should be another move to somewhere around 6 PLN, and later even another fall to 4 PLN. However, this scenario seems much less likely at this moment.
Current price: 7.68 PLN.
Resistance levels: 7.80-8.25, 8.80-9.00, 10.50-10.75
Support levels: 6.95-7.05, 5.85-6.10, 4.85-5.13
The KNG/ETH pair has recently formed two peaks – the first one on 29-30 July at the level of 0.000990 and the second one on 4 August at a slightly lower level of 0.0000896. This double peak formation, particularly where the second peak forms lower than the first, usually signifies drops, which we observed in the last days. At the same time from the bottom wicks of the candles we can see that there is demand around 0.0000530 and this is the current bottom for the pair, which the market will defend. Additionally, the level is supported by people who use the opportunity of arbitrage and buy KNG at these levels to sell them later on the KNG/PLN pair with a profit.
If it is possible to keep the KNG/ETH pair at the current level, i.e. over the 0.000575-0.000610 zone, we should experience a bounce up towards the last peak at 0.000896.
If, however, the support was to be broken, the Bulls may still defend the 0.000498-0.000513 zone. Only once this zone is broken, it will lead to a further decline towards 0.00035-0.000400.
Current price: 0.000616
Resistance levels: 0.000895-0.000937, 0.000990-0.00100, 0.00125-0.001295
Support levels: 0.000575-0.000610, 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 0.000617517, so the difference is only 0.2% compared to the price on Kanga exchange.
The KNG tokens are also available on ShibaSwap in Etherum network (https://bit.ly/3Bt7gLA). Here the current price is 0.000608717 ETH for 1 KNG and is 1.2% lower than on Kanga exchange.
Maciej Harcej – Liga BTC for Kanga Exchange