The Kryll price predictions are presently in a state of limbo, as neither the bulls nor the bears have been able to exert control in a day marked by choppy trading. The KRL/USDT pair is only marginally lower after price swings on both sides have tested key support and resistance levels without successfully breaking them.
The price action on the 4-hour chart reveals that the extremes of the recent price moves have evolved into a symmetrical triangle, with price action oscillating between this pattern’s upper and lower boundaries.
Fundamentally speaking, there is no major news that is capable of triggering huge volatility on the pair. The announcement of the listing of the Kryll token on the Crypto.com app did not trigger any response in the KRL/USDT pair.
As has been the case with virtually every token analyzed on this site this week, the price patterns and other technical parameters on the charts will be the deciding factors for any Kryll price predictions. This is why this week’s outlook focuses on the 4-hour chart and how the emerging symmetrical triangle will impact Kryll price predictions going forward.
The rejection of the price action at the triangle’s upper border, at the 0.47869 resistance, sets the tone for a retest of the triangle’s lower border. A breakdown of this border targets the 0.46140 support level (13 May and 2 June lows). The next target in line following a breakdown of 0.46140 is the 0.44941 price support. This price mark will complete the measured move from the symmetrical triangle’s breakdown.
On the other hand, a break of the triangle’s upper edge is a recipe for the price action to print a move toward the 0.49080 price level (9 June high and the former neckline of the 31 May/1 June double top). The bulls can expect to target the 0.51600 price mark following the uncapping of the 9 June high. A further advance takes the price toward the 0.5400 psychological resistance, before the 0.55385 price level comes into the mix.
This post was last modified on Jun 09, 2022, 17:04 BST 17:04