Kucoin Token Struggles To Hold Key Support at $8, How Low Can It Go?
The price of Kucoin Token (KCS) has struggled to hold its key support against Tether (USDT) in recent times after showing a great recovery bounce as it cracks double-digit gains. Bitcoin (BTC) being rejected from a high of $25,200 to a region of $20,000 in the past few days has negatively affected the price of other altcoins, including Kucoin Token (KCS). (Data from Kucoin)
Kucoin Token (KCS) Price Analysis On The Weekly Chart
From the chart, the price of KCS had a strong bullish bias at $22, but the price was rejected from that region, leading to a more downward movement for KCS.
After seeing two weeks of bearish sentiment, the price of KCS looks set to bounce from its key support from what seems to be an area of interest for bulls.
The price of KCS is faced with resistance at $11 after it rallied from a low of $8.5; KCS needs to break this region of resistance with good buy volume to trend higher to $13.
If the price of KCS fails to hold the support at $8.5, we could see the price going lower to the support area at $6.
Weekly resistance for the price of KCS – $11-$13.
Monthly support for the price of KCS – $8-$6.
Price Analysis Of KCS On The Daily (1D) Chart
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.
The 50 and 200 EMA corresponds to prices at $10.3 and $13.3; for KCS to trend higher, it needs to break this region, acting as resistance for KCS prices.
A break and close above 50 EMA would signal a short-term relief bounce while closing above the 200 EMA indicates a downtrend reversal to the upside of the current bearish trend.
If the price of KCS fails to hold the support at $8.5, we could see the price of KCS going to a lower region for price accumulation.
Daily (1D) resistance for KCS price – $10.3, $13.3.
Daily (1D) support for KCS price – $8.5.
Price Analysis Of KCS On The Four-Hourly (4H) Chart
The price of KCS on the 4H chart has continued to look weak, trying to hold above the support area at $8.5; more buy orders in this region could see the price of KCS going higher.
KCS has formed a bullish divergence on the 4H chart as the price is oversold; we could see a bounce from this region for KCS price, as $9 could act as minor support. If this region is flipped, we would see the price going to a high of $10.3
The Relative Strength Index (RSI) for KCS on the 4H chart is below 30, indicating that KCS has been 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