Kucoin Token Struggles To Hold Key Support at $8, How Low Can It Go?

Kucoin Token price (KCS) is struggling to keep its main support against Tether USDT in recent months after a huge recovery rebound as it cracked double-digit gains. BTC (Bitcoin) has seen its price drop from $25,200 (the highest level in Bitcoin history), to around $20,000 (the lowest since May). This is a significant change that negatively impacted the value of Kucoin Tokens KCS (the Kucoin Token). Kucoin Data

Kucoin Tokens (KCS), Price Analysis on the Weekly Chart 

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

The chart shows that KCS’s price had a bullish bias of $22 but was rejected in the region. This led to more downward movements for KCS. 

KCS’s price looks poised to rebound from the key support it received from an area that seems to be of interest to bulls after two weeks of bearish sentiment.

KCS faces resistance at $11; it has rallied from its low of $8.5 and is now trading higher. KCS should break this resistance area with high buy volumes to continue trending higher to $13.

KCS could drop to $6 if the support price falls below $8.5

Weekly resistance for the price of KCS – $11-$13.

Monthly support for the price of KCS – $8-$6.

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

Source: KCSUSDT On Tradingview.com| Source: KCSUSDT On Tradingview.com

KCS’ weekly daily low was $8.5, which formed good support for the price to bounce off. KCS’ price rallied to $11 but could not flip the resistance as the price was sharply rejected.

KCS’ price is currently trading at $8.8 below the 50 and 200 Exponential Moving Averages (EMA), acting as resistance for the price of KCS to break higher. 

Prices at $10.3 or $13.3 are represented by the 50- and 200-EMA EMA. KCS must break this area to move higher.

Breaking above the 50 EMA could signal a temporary relief bounce, while breaking above the 200 EMA signals a downward trend reversal in the bearish current trend.

KCS could fall below $8.5 support, which would lead to price accumulation in a lower area.

Daily (1D) resistance for KCS price – $10.3, $13.3.

Daily (1D) support for KCS price – $8.5.

Pricing Analysis of KCS on the Four-Hourly (4H), Chart

Source: KCSUSDT On Tradingview.com| Source: KCSUSDT On Tradingview.com

KCS’s price on the 4H chart continues to be weak. It is trying to stay above $8.5 support; additional buy orders could lead to KCS moving higher. 

KCS is showing a bullish divergence in the 4H chart. The price has been oversold. We could see a rebound from this area for KCS prices, with $9 acting as minor support. This region could be flipped and the price would rise to $10.3

KCS’s relative strength index (RSI), on the 4H chart, is lower than 30. This indicates that KCS was oversold.

Four-Hourly (4H) resistance for KCS price – $9-$10.3.

Four-Hourly (4H) support for KCS price – $8.5.

Featured Image from Coingape. Charts From TradingView.com 

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