<strong><em>NKN prices rebound from range support of $0.065 with a bullish engulfing; can the replenished bullish momentum breach the $0.116 resistance?</em></strong>
<h3><strong>Key technical points:</strong></h3>
<ul>
 	<li>A double retest to the $0.065 mark validates it as a legitimate support</li>
 	<li>The NKN price may rise 30% before reaching the $0.115 mark</li>
 	<li>The 24-hour trading volume of NKN is $19.1 Million, indicating a hike of 123.3%.</li>
</ul>
<h2>Past Performance of NKN</h2>
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.

<img src="https://s3.tradingview.com/snapshots/t/tuO0WGzC.png" alt="TradingView Chart" />

<strong>Source-</strong> <a href="https://www.tradingview.com/x/tuO0WGzC/" target="_blank" rel="noopener">Tradingview</a>
<h2>NKN Technical Analysis</h2>
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 <strong>RSI</strong> 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 <a href="https://www.cryptoknowmics.com/news/bella-protocol-technical-analysis-bel-firm-above-0-80/">technical analysis</a> displays the bullish reversal from the $0.065 range support with its eyes 30% higher at $0.116.
<h2>Upcoming Trend</h2>
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

<strong>Resistance Levels:</strong> $0.114 and $0.178

<strong>Support Levels:</strong> $0.0065 and $0.0045

&nbsp;

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

NKN Technical Analysis shows prices rebounding from range support of $0.065 with a bullish engulfing; can the bullish momentum breach the $0.116 resistance?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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

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