- KCS price is showing its strength as the price remains green despite the market uncertainty.
- KCS bounces from the downside as price breaks through the descending triangle with strong buying volume.
- KCS price is showing bullish signals as the price is trading above 50 exponential moving average (EMA) in good size.
Kucoin Token (KCS) price action recently showed some impressive price action as the price gained momentum to bounce off a downtrend against the Cord (USDT). Although the cryptocurrency market is currently facing a fresh setback, the price of Bitcoin (BTC) has fallen from $19,000 to $18,100 as the Consumer Price Index (CPI) indicates an increase in inflation, affecting the price of Bitcoin and altcoins. The price back to $19,200 does not indicate that the bulls have regained the market. (data from Kucoin)
Kucoin Token (KCS) Price Analysis on the Weekly Chart
With the cryptocurrency market plummeting after CPI news, the market seemed to be manipulated, with Bitcoin (BTC) dropping from $19,200 to $18,200 in hours and then back to a high of $19,800 before rejecting back to $19,200 . With Bitcoin (BTC.D) dominance likely to rise to 45%, altcoins could suffer even more if BTC rebounds.
After dropping to $8.5 in recent weeks, this time has proven somewhat challenging for KCS buyers considering that the bear market has seen more downtrend movement than an uptrend affecting the price of KCS.
KCS price is currently trading at $9.9 as the price is facing resistance to break higher; KCS needs to break the resistance at $10 – $11 for the price to head towards the high of $13. With the current price action of KCS, we can see the price break this resistance zone with more buy orders. If the KCS price fails to break through this area, we can retest the support at $9 to hold the price short.
KCS price weekly resistance – $10 – $11.
Weekly price support for KCS – $9.
KCS Price Analysis on the Daily Chart (1D)
The daily time frame for KCS price is looking good after the price showed great signs of a possible breakout from the long downtrend range as the price found its movement between $8.5 and $9.9.
KCS price flat above 50 exponential moving average (EMA); The price of $9.3, which corresponds to the 200 EMA, is acting as a strong support for the price of KCS on the daily time frame.
KCS price needs to break out of this range-constrained move in order for the price to trade to a high of $12-$13.
KCS daily resistance – $10.5 – $11.
KCS daily price support – $9.3 – $8.5.
Featured Image From zipmex, Charts From Tradingview Originally published at San Jose News Bulletin
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