×

Sign in

Sign in using the following social media accounts


KuCoin Price Analysis: KCS Price Strikes Multiple Resistance levels at $17

KCS

Published June 1, 2022

A+

The KuCoin (KCS) price has significantly recovered within the last three weeks, while some major cryptocurrencies witnessed high volatility. The recovery rally has surged 80% and aims to challenge an important zone at $17.1-$17.5. However, can buyers undermine the bearish crossover of the 100-and-200-day EMAs?

advertisement

Moreover, considering the hot topics in the crypto space, KuCoin has recently added LUNA and LUNC trading pairs to their Isolated Margin trading platform.

Key Points:

  • The KCS chart showcased concentrated resistance levels at the $17.1-$17.5 mark.
  •  The 100-and-200-day EMAs offer a bearish crossover.
  • The intraday trading volume of the KuCoin token is $12.3 million, indicating a 53.5% hike.

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

On May 6th, the KuCoin (KCS) price provided a confirmed breakdown of the $17.1-$17.5 support zone. Furthermore, losing this monthly support and May 2nd week sell-off intensified the ongoing selling pressure.

The post-retest fall tumbled the KCS price by 45.5% and slumped it to a low of $9.34. However, this overextended selling couldn’t sustain the price for long, and the rising interest for discounted KCS price triggered a V-shaped recovery.

The recovery rally reclaimed some crucial technical levels like $15, 0.5 Fibonacci retracement level, and 50-day EMA, registering an 80% gain within a fortnight. 

It is worth noting that coin sellers attempted to lower the price during May’s 3rd week. However, the KCS price immediately bounced back from the $15 support, indicating the traders are buying on dips.

Furthermore, the post-pullback rally rechallenges the $17.1-$17.5 resistance zone. In addition, the coin chart displays a confluence of major technical resistance concentrated at this level, such as the 0.618 Fib level and the 100-and-200-day EMAs.

A possible bullish breakout and closing above the $17.5 mark would reclaim a significant milestone for KCS recovery, with its next target at $21.2.

Conversely, a failed attempt to breach the overhead resistance would increase the chances of a $15 fallout.

Technical Indicator

Fibonacci retracement level: The KCS price has surged above the 0.5 Fib level and is currently tagged at the 0.618 Fib level. A successful breakout above this level would lower the chances of reversal to the lower level and simultaneously bolster the recovery theory.

advertisement

Vortex indicator: A considerable gap after a bullish crossover of VI+ and VI- slopes reflects a rise in underlying bullishness.

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

Share this article on:
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
Web stories
Published 3 hours ago
Share Via
Copy Link
Chainlink (LINK)

Published 3 hours ago

A+
Published 4 hours ago
Share Via
Copy Link
AAVE

Published 4 hours ago

A+
Published 6 hours ago
Share Via
Copy Link
APE avoids broader market weakness

Published 6 hours ago

A+
Published 16 hours ago
Share Via
Copy Link
STX

Published 16 hours ago

A+
Published 1 day ago
Share Via
Copy Link
Tezos Price Analysis: Emerging XTZ Coin Rally Eyes $5.8 Mark

Published 1 day ago

A+

advertisement

advertisement

TWITTER SIGNALS

markets newsletter

Your daily dose of Market analysis & Price updates.

Clicky