Moreover, the king coin is moving towards the upper boundary of the channel as the king coin remains above the 9-day and 21-day moving averages.
According to the daily chart, if the support level of $46,500 gives way to the daily chart, even $46,000 may not be held as support.
However, as the king coin moves to cross above the upper boundary of the channel, any bullish movement above this barrier is likely to locate the resistance levels at $52,000, $54,000, and $56,000.
During the European session today, the king coin touches the daily high at $47,608 before dropping to where it is currently changing hands at $47,233.
Nevertheless, the technical indicator Relative Strength Index is moving to cross below the 60-level.