- KOK Token has been continuing to maintain the price higher since the break out of the symmetrical triangle pattern.
- Within the past three days, the KOK token has appeared inside candles on the daily price chart.
- The KOK/BTC pair is moving higher by 2.6% at 0.0001492 satoshis.
Since the launching of the KOK token, the price of crypto has been steadily rising, generating a 1250 % return on investment up to the ATH ($6.69-level). In terms of the daily price chart, the token saw a consolidation phase below the ATH level, in between the symmetrical triangular pattern (white). Bulls had already overcome the triangular pattern and celebrated the breakout a few days before. However, the KOK token has shown inside candles on the daily price chart in the last three days.
The KOK token price is moving higher by 1.87% at $6.02. The crypto saw a 38% decrease in trading volume over the past 24-hours. Since the triangular pattern breakout, the daily volume bar reflects the highly volatile market by sustaining above the 20-MA line (blue). The volume of market capitalization ratio is 0.0164. However, the KOK has immediate support at $5.5, and the resistance sits at $6.7 (ATH mark).
During the breakout of the triangle pattern, the KOK price jumped above the 20-day EMA and is now trading below key MAs (including the 20,50,100 and 200 MAs) below the current price. Meanwhile, the Supertrend indicator continued to show the green zone, and investors kept buying with the help of this bullish signal.
Solid bullish movement requires a sustained move above $6.0 (Fib 0.756).
According to Fib retracement, bulls are struggling to hold the price above $6.0 (0.756-level). The RSI is in the overbought territory after showing a sharp recovery from the 50-level in terms of the daily price chart. However, the daily MACD indicator is moving higher into the positive region.
Conclusion
For the solid bullish momentum, buyers need to breach the $6.0 level (0.756 level of Fib retracement). If bulls succeed on this attempt, then the price may hit the ATH again at the end of this month.
Support level – $5.0 and $3.5
Resistance level – $6.0 and $6.7
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.