Kryll crypto has struggled for the past few weeks. However, in today’s trading session, Kryll is up by 2.5 per cent, extending yesterday’s gains of 2 per cent.
Since its launch in 2018, the Kryll platform has gained traction as the leading automated trading platform for cryptocurrency. Today, the platform boasts of having over 15,000 users who are able to automate their trades on other platforms such as Binance, Kraken, Bittrex, Hitbit, e.t.c. In addition, the company also advertises free bot creation and unlimited backtests of the strategies for its users.
In simpler terms, Kryll is an automated trading strategies platform that does not require development skills to get started. Users are able to browse through numerous strategies and choose the one that fits their style. Experienced traders can tailor their trading strategy without the need to have programming skills. This is achieved by a visual editor. The platform has a native utility token, KRL, which powers the ecosystem. The native utility token is also used to pay for transactions on the platform. Being a fairly new platform, KRL has made gained popularity due to its availability on exchange platforms such as Gate.io, KuCoin and Coinbase.
Despite having two consecutive bullish days, Kryll is still in a strong bearish move that started on April 9 and has resulted in a 37 per cent drop. The Williams Alligator and RSI indicators also show a strong bearish trend.
Therefore, the bullish push of the past two days may be due to a bearish flag formation. Based on the historical price action data of Kryll, past bearish flags have been able to gain up to 20 per cent of the cryptocurrency price before resuming their bearish long-term trend. This is why I still expect the current bullish trend to continue for some trading sessions before the next big price drop. It is possible that the current bearish flag will push the prices to trade above the $0.9 price level before the resumption of the bearish trend.
This post was last modified on May 05, 2022, 13:31 BST 13:31