Discounted KCS Price Hints Potential Rally To $18

0
10

Published 5 mins ago

The KuCoin (KCS) price witnessed a significant correction in response to the last week’s sell-off across the crypto market. The downfall plummeted the coin price to 0.618 Fibonacci retracement level, nearing the May low support of the $9.34 mark. Furthermore, the KuCoin price analysis indicates a previous bullish reversal initiated near the $10 region projects this area as a potential demand zone.

Key Points:

  • The KCS price shows a lower price rejection at 0.618 FIB
  •  The Daily-RSI slope slumped into the oversold region
  • The intraday trading volume of the KuCoin token is $12.2 million, indicating a 6.78% loss

KCS/USDT ChartKCS/USDT Daily Price Chart – Source: KuCoin 

The April-May bloodbath in the crypto market, especially in Terra LUNA, triggered a significant correction in the KCS/USDT pair and plunged it to the $9.34 mark. However, unlike some major cryptocurrencies, which witnessed high volatility and consolidation, the KCS price showcased a sharp recovery during the second half of May.

The V-shaped recovery slashed the KuCoin token price by 90% and hit the overhead resistance zone at $18. A minor pullback observed reflected profit booking from short-term traders, after which the buyers reattempted to breach the $18 resistance.

However, last week, crypto traders faced another wave of aggressive selling, which discounted the KCS coin price by 36%. The altcoin currently trades at $11.83 and retests the 0.618 Fibonacci retracement level.

Furthermore, the long-tail rejection attached to the May 12th daily candle indicates a strong demand zone across the $10.8-$9.5 mark. Therefore, if KCS buyers could sustain above these levels, history may repeat itself and trigger a fresh recovery rally.

The potential bull run would drive the KuCoin token price back to the $18 mark, offering 55% growth to long holders.

KuCoin Price Analysis – Technical Indicators

Relative strength index: The daily-RSI slope nosedived into the oversold region, that indicates the coin price has experienced a sudden and unhealthy drop. This overextended selling may lure more buyers, bolstering the recovery theory. 

EMAs: The flattish 100-and-200-day EMA reflects an overall sideways trend for KCS, while the downsloping 20 and 50 EMA accentuate the ongoing correction. Anyhow, buyers should keep a close eye on these EMAs as they may act as potential resistance.

  • Resistance levels– $17.1-$17.5 and $19
  • Support levels– $16, $15

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Close Story

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here