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- 1 KIN price is trading below the key moving averages, showcasing bearishness on the daily technical chart.
- 2 The crypto price halted near $0.00002840 and is heading downwards.
Launched in 2017, Kin operates under the stewardship of the Kin Foundation, a Canadian nonprofit dedicated to overseeing cryptocurrency and fostering a broad ecosystem of digital services.
Designed for widespread adoption to faciliate a digital economy, Kin blockchain enables countless small-scale transactions between app developers and users.
Kin’s currency is designed to cultivate value within a communal, decentralized network of applications and their users. Developers globally can effortlessly incorporate Kin SDK into their platforms, thus becoming integral contributors to the ecosystem’s expansion. By participating in the Kin Ecosystem, developers gain from the Kin Rewards Engine (KRE), which rewards them for crafting compelling user experiences and compensates them when Kin is utilized within their applications.
The Stellar Consensus Protocol (SCP), conceptualized by David Mazières in 2015, is a consensus mechanism that empowers decentralized networks to achieve agreement efficiently without a central authority.
KIN Crypto Volume And Price Are Decreasing
The trading volume has been decreasing, forming lower lows, per the Santiment volume and price graph. In the span of one month, the trading volume fell drastically which had a corresponding effect on the crypto price.
Technical Analysis Of The KIN Crypto Price
The dominance of the bears in the KIN price analysis is evident as they have managed to pull down the price more aggressively than the bulls. The sellers have been making short positions persistently, which has resulted in a downward trend.
The price has been halted near the value of $0.00002840 before resuming its bearish momentum. On the daily technical chart, the KIN price analysis reveals the bear’s control. Consistent short positions by sellers have caused a continuous decline in the price. The price has halted at higher levels and resumed its downward trend on a daily basis.
The price of KIN cryptocurrency has fallen below the important moving averages of 200 and 50 EMA. Although there have been recent attempts to recover and exceed the key EMA level, the price was pulled down by sellers. For KIN’s price to rise above the upper resistance levels, it would require an increase in buyer activity to maintain the buying momentum above the key moving averages.
At the writing, the KIN price is trading at the level of $0.00001711 with an intraday dip of 1.67%. The market capitalization of KIN is 50.23 Million within a 24-hour trading volume of 231.90 K. Additionally, the current circulating supply of the coin is 2.94 trillion.
The technical summary of the KIN cryptocurrency suggests that a sell signal is evident. This is because out of 26 analysts, 15 have recommended selling, 10 have remained neutral, while only 1 has recommended buying. Furthermore, the maximum weightage is given to the sell side. As a result, the technical summary indicates that the trend is being dominated by bears, and most analysts are supporting the bearishness by recommending selling.
Summary
The KIN cryptocurrency price is trading below the key moving averages, indicating bearishness. The crypto price is halted near the value of $0.00002840, and the sellers have been making short positions persistently, resulting in a downward trend. The KIN price has fallen below the important moving averages of 200 and 50 day EMAs, requiring an increase in buyer activity to maintain the buying momentum. At the time of writing, KIN was trading at $0.00001711. A sell signal is evident, and most analysts confirm the bearishness by recommending selling.
Technical levels
Support Level: $0.00001565
Resistance Level: $0.00002014
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
