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

  • KCS’ price shows strength as the price remains green despite the market’s uncertainty. 
  • KCS recovers from its downtrend when the price breaks through a downward triangle with high buy volumes. 
  • KCS’s price is showing bullish signals as it trades at 50 Exponential Moving averages (EMA), with high volume. 

The Kucoin Token’s (KCS), price movements have shown great momentum as it bounced from a downtrend to 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. However, the fact that Bitcoin’s price rose to $19,000. does not indicate that investors have recovered. Kucoin Data

Kucoin Token Price Analysis on The Weekly Chart

The sharp drop in crypto markets after publication of CPI news made it appear that the market was being manipulated. Bitcoin (BTC). dropped from $19200 to $18,200 within hours, and then returned to an area high of $19800, before rejecting back to $19,000. Altcoins may be more affected by Bitcoin Dominance (BTC.D), which could reach a peak of 45%. 

KCS prices have fallen to $8.5 over the past weeks. This has been a difficult time for KCS investors considering that the bear market saw more of an upward trend than a downward movement. 

KCS’s current price is $9.9, and the price has resistance against breaking higher. KCS must break resistance between $10-$11 in order for the price trend to $13. The current price action of KCS could lead to the price breaching this resistance zone. We may see more buy orders. We could test the $9 support if the KCS price fails to break out of this area to maintain the price selloff.

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

Weekly support for the price of KCS – $9.

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

KCSUSDT Daily Price Chart| Source: KCSUSDT On Tradingview.com

KCS’s daily time frame looks promising after it showed signs of potential recovery from the long-term downtrend. The price found its movements 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.

KCS must move out of its range bound movement in order for it to trade at a price above $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 

Get more Crypto News at CFX Magazine