- 1 The KCS crypto showed weakness and could be on the verge of falling more from current level.
- 2 The RSI is falling smoothly and is below the median line, which is bearish territory.
KCS is the actual token of KuCoin, which was presented in 2017 as a profit-sharing token that encourages traders to earn from the exchange.Users who harbor more than 6 KCS can get a daily basis dividend, which surfaces from 50% of KuCoin’s daily trading fee revenue.
KuCoin operates on the standard encryption protocol that guarantees that its user data and data transfers internally within the system that are concealed from other users.
KuCoin Crypto Chart Evaluation
KuCoin price surged from $4 to $14 from September 2023 to January 2024. However, from the $14 level, KCS fell to the $9.5 mark soon after hitting the $14 mark. It is hovering near the $9.6 mark presently.
The KCS crypto could be on the verge of falling more from the current level as it faces a resistance level, highlighting seller strength.
Source: KCS/USD: CRYPTO.1.D. by TradingView
On analyzing the overall trend, the KuCoin crypto asset is showing bearish behavior and indicates that it has the potential to fall more from the current level. Last month, it fell 6.65%, implying a downtrend amid weakening buying pressure.
Technical indicators confirm the bearishness: MACD is at -0.08288 and produced a bearish crossover. Meanwhile, the signal line is at -0.07094 and the histogram difference between both the lines is -0.01192.
The RSI is falling smoothly and it is below the median line, which is bearish territory, suggesting that the KuCoin crypto asset is losing buyer’s and seller’s are dominating the buyer’s, this is causing the fall and can reach new lows. Whereas, RSI is at 47 and 14-SMA smoothened line is at 46.
Furthermore, the KCS crypto recorded a 1.62% rise over the last 24 hours and was trading at $9.8331 at press time. The price is forming downward structures by facing strong.
Therefore, if the KuCoin crypto price fails to stay above the $9 level, it could break the current support and fall to the next big support.
Source: KCS/USD: CRYPTO.1.D. by TradingView
However, if the demand for the crypto and buying force increases, then the KuCoin asset price could reverse from the current level. The next target for the KCS price would be to reach $14.
Summary
The KuCoin price action highlights a bearish view at the time of publishing, as it slumped from pivotal supply level. The RSI and EMAs are giving bearish signals regarding the KCS price.
Technical Levels
Support Levels: $14
Resistance Levels: $9
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Amanda Shinoy
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
