The KCS buyers are actively responding to an ascending trendline-driven support, uplifting the price on each pullback. Until this dynamic support is intact, the coin traders can maintain a bullish sentiment for KCS. Furthermore, a recent bounce back from the trendline bolstered the altcoin to rechallenge the $21-$21.7 resistance zone.
Key Points:
- The KCS price maintains an ascending triangle pattern
- The KCS price spikes above a cluster of EMA resistances(20, 50, and 100)
- The intraday trading volume in the KuCoin token is $8.92 Million, indicating a 1.3% hike
Source-Tradingview
During the last quarter, the KCS price resonated in an ascending triangle pattern, reflecting an accumulation phase for coin traders. On March 29th, the coin buyers gave a massive breakout from $21.2, suggesting the buyers are ready to test higher levels.
However, amidst the uncertainty in the crypto market, the KCS price was unable to break through the retest phase, and on April 5th, it plunged below the $21.2 mark. The resulting fakeout accelerated the selling pressure and discounted the altcoin by 10%.
Furthermore, the upcoming ascending trendline prevented any further downfall, indicating that traders are actively buying on dips. The KCS price rebounded from the support trendline with a morning star candle, pumping the altcoin by 6.6%.
The coin price currently trades at the $20.08 mark and gradually approaches the overhead resistance zone at $21.5. A bullish breakout and closing above the $21.7 would drive the price to $23.4.
However, the bullish thesis will be invalidated if sellers’ breach the dynamic support trendline, threatening a freefall to $15.
Technical Indicator
The KCS price trading above a bullish sequence of crucial EMAs (20, 50, 100, and 200) indicates a bullish trend. These EMAs give additional support to buyers in maintaining the price pattern.
The Relative Strength Index (52) slope pumps back into the bullish territory after a minor dip to the other side. This crossover suggests the positive sentiment in turning back to KCS.
- Resistance levels– $21-$21.7 and $23.4
- Support levels– $18.8, $17.7
Disclaimer
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.
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Source: https://coingape.com/markets/kucoin-price-analysis-kcs-buyers-rallying-north-to-rechallenge-21-5/