NKN Technical Analysis: Reversal Within Range Hints At 30% Jump

NKN prices rebound from range support of $0.065 with a bullish engulfing; can the replenished bullish momentum breach the $0.116 resistance? Key technical points: A double retest to the $0.065 mark validates it as a legitimate support The NKN price may rise 30% before reaching the $0.115 mark The 24-hour trading volume of NKN is $19.1 Million, indicating a hike of 123.3%. Past Performance of NKN Amid the April-May bloodbath, the NKN traders ended a four-month range-bound rally in sellers’ favor as the coin price breached the bottom support zone of $0.018-$0.017. The post-retest fall depreciated the altcoin by 64% and plunged to a new 2022 low of $0.062. Furthermore, the buyers at discounted prices tried to push prices higher; however, the immediate resistance of $0.116 restricted the buying growth. Source- Tradingview NKN Technical Analysis A failed attempt from NKN buyers to surpass the $0.166 resistance slumped the coin price back to $0.065 support. However, today a significant demand inflow bounced the prices from the bottom support, creating a long bullish engulfing candle. Since April fall, the fast-moving 20 and 50-day EMA has provided constant resistance to surging prices, limiting the bullish activity to a minimal level. Despite a narrow consolidation in price action, the Rising RSI slope reflects growth in bullish momentum. As the indicator line approaches equilibrium, a potential would give an extra edge to traders. In a nutshell, the NKN technical analysis displays the bullish reversal from the $0.065 range support with its eyes 30% higher at $0.116. Upcoming Trend Over the past five weeks, the NKN price has resonated between $0.116 and $0.065. However, today with a 24% intraday jump from the range support, the altcoin charges straight to overhead resistance. If the buying persists, the coin price will rechallenge the $0.116 resistance in the near future. Moreover, a potential breakout from this resistance would drive the price 46% higher to $0.17 Resistance Levels: $0.114 and $0.178 Support Levels: $0.0065 and $0.0045  

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