July 20, 2024

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Kucoin Token (KCS) Shows Green Instead Of Red, Will Price Breach $11?

2 min read
Kucoin Token (KCS) Shows Green Instead Of Red, Will Price Breach ?
  • KCS’ price shows strength as the price remains green despite the market’s uncertainty. 
  • KCS bounces from the downtrend as the price breaks out of a descending triangle with strong buy volume. 
  • The price of KCS shows bullish signs as the price trades above 50 Exponential Moving Averages (EMA) with good volume. 

Kucoin Token (KCS) price movement has recently shown some great price action as the price gained momentum to bounce from a downtrend against tether (USDT). Although the crypto market is currently facing a new setback, Bitcoin’s (BTC) price has dropped from $19,000 to $18,100 as the Consumer Price Index (CPI) indicates an increase in inflation, which affects the price of BTC and altcoins. The price is back up at $19,200 does not suggest bulls have recovered the market. (Data from Kucoin)

Kucoin Token (KCS) Price Analysis On The Weekly Chart

Given the sharp decline in the crypto market after the release of the CPI news, the market appeared to be manipulated, with Bitcoin (BTC) dropping from $19,200 to $18,200 in hours and then back up to a range high of $19,800 before rejection back to $19,200. With the possibility of Bitcoin Dominance (BTC.D) rising to a high of 45%, altcoins could suffer more if BTC retraces. 

After dropping to a low of $8.5 in recent weeks, this time has proved rather tough for KCS buyers considering the bear market has seen more of a downtrend movement than an uptrend affecting the price of KCS. 

The price of KCS currently trades at $9.9 as the price faces resistance to breaking higher; KCS needs to break the resistance at $10-$11 for the price to trend to a high of $13. With the current price action for KCS, we could see the price breaking this resistance zone with more buy orders. If the price of KCS fails to break this region, we could retest the support at $9 to hold the price sell-off.

Weekly resistance for the price of KCS – $10-$11.

Weekly support for the price of KCS – $9.

Price Analysis Of KCS On The Daily (1D) Chart

The daily timeframe for the price of KCS looks good after the price showed great signs of a potential breakout from its long downtrend range as the price has found its movement between $8.5-$9.9. 

KCS’s price holds strong above the 50 Exponential Moving Average (EMA); the price of $9.3, which corresponds to the 200 EMA, acts as strong support for the price of KCS on the daily timeframe.

The price of KCS needs to breakout of this range-bound movement for the price to trade to a high of $12-$13. 

Daily resistance for the price of KCS – $10.5-$11.

Daily support for the price of KCS – $9.3-$8.5.

Featured Image From zipmex, Charts From Tradingview