Kucoin (KCS) token shows green instead of red, will price break above $11?

  • KCS price shows strength as price remains green despite market uncertainty.
  • KCS bounces out of the downtrend when price breaks out of a descending triangle on strong buying volume.
  • KCS price is showing bullish signs as price is trading above 50 Exponential Moving Averages (EMA) on good volume.

Kucoin Token (KCS) price movement has recently shown some great price action as the price gained momentum to bounce back from a downtrend against Tether (USDT). Although the crypto market is currently facing a new setback, the price of Bitcoin (BTC) has dropped from $19,000 to $18,100, as the Consumer Price Index (CPI) indicates a rise in inflation, which affects the price of BTC and altcoins. The price has risen back to $19,200, which is not suggesting that the bulls have recovered the market. (Kucoin data)

Kucoin Token (KCS) price analysis on the weekly chart

Given the sharp drop in the crypto market after the CPI news was released, the market appeared to be manipulated, with Bitcoin (BTC) falling from $19,200 to $18,200 within hours and then retreating to a range high of $19,800 before it the rejection returned to $19,200. With Bitcoin Dominance (BTC.D) likely to surge to a high of 45%, altcoins could suffer further if BTC pulls back.

After falling to a low of $8.5 in the past few weeks, it has been quite difficult for KCS buyers this time around as the bear market has seen more of a downtrend move 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 trend to a high of $13. With KCS’s current price action, we could see the price break this resistance zone with more buy orders. If the price of KCS fails to break out of this region, we could retest the support at $9 to maintain the price sell-off.

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

Weekly support for the price of KCS – $9.

KCS price analysis on the daily chart (1D)

KCS Daily Price Chart | Source: KCSUSDT at Tradingview.com

The daily time frame for KCS price is looking good after the price showed big signs of a potential breakout of its long downtrend range as price found its move between $8.5 and $9.9.

KCS price remains firm above the 50 EMA; the price of $9.3, which corresponds to the 200 EMA, acts as a strong support for the price of KCS on the daily time frame.

KCS price needs to break out of this range bound move for the price to trade to a high of $12-$13.

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

Daily support for KCS price: $9.3-$8.5.

Featured Image From zipmex, Charts From Tradingview 

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