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KunciCoin Price Prediction: Key Levels To Watch As KUNCI Soars 35%

12/21/2022
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It was a bullish Tuesday session for the crypto top ten. Binance Coin (BNB), Dogecoin (DOGE), and Ripple (XRP) leading the way, and Bitcoin (BTC) revisiting the $17,000 psychological level for the first time in four sessions. However, it was only KunciCoin flashing green on Wednesday, December 21, as the Indonesian crypto soars 35% with certain key levels of interest.

A mixed start to the day has seen the crypto market cap fall to an early low of $750.29 billion, but the downside was brief as the crypto market cap surged towards mid-afternoon highs of $810 billion before easing back. KunciCoin price is among the top gainers today.

KunciCoin (KUNCI) price is trading at $0.027o on CoinGecko, up by 35.8% in the last 24 hours and flashing green with a long engulfing candlestick. It ranks #411 on CoinMarketCap with a live market cap of $1.08 billion and a 24-hour trading volume of $2.5 million.

KunciCoin Ecosystem and Crypto News

KunciCoin is committed to making blockchain technology accessible and applicable to various industries through the creation of a next-gen blockchain-based ecosystem, which supports Metaverse and decentralized finance (DeFi). It also aims to solve real-world problems by leveraging blockchain technology.

At the core of the Kunci ecosystem is its objective of building the next-generation blockchain for mass adoption. The project was developed to support NFT marketplaces, the metaverse, DeFi, and retail penetration. From a blockchain evolution perspective, other than being the base chain of choice for the NFT marketplace, Kunci also serves as a circulation chain for a myriad of coins (heterogeneous chain tokens), and as a free port within the blockchain playing field.

In other news, recession fears took the rear seat in the hours leading to Wednesday, as the crypto news wires deliver a bullish session. Among the trending stories, include FTX, Binance, and Ethereum, which continue to influence investor sentiment.

Investors have been monitoring the latest developments around the collapse of FTX. News on FTX cash holdings is providing cryptocurrency market support, with over $1 billion identified in various US institutions. In addition, there are also speculations of current efforts to identify cryptocurrency holdings. Still, on FTX, there are reports of political donations that continue to play positively for FTX creditors and the crypto market.

On the other hand, news of Binance.US’s move to acquire Voyager Digital is likely among the best catalysts to the breakout day. Following a FUD Campaign that sparked fear among investors concerning the possibility of a Binance liquidity crunch, Binance.US agreed to acquire Voyager Digital for $1.022 billion.

Also, FTX founder Sam Bankman-Fried signed legal papers that have paved the way for his extradition to the U.S. from the Bahamas where he was arrested and had been locked up for almost two weeks now. The defamed ex-CEO faces charges of fraud, among others, that may see him spend the rest of his life in prison.

KunciCoin Price Delivers A Bullish Session

KunciCoin price is up by 35.8% in the last 24 hours and is currently trading at $0.027. It is also up 29.6% in the last seven days.

KUNCI token started the day with a floor price of $0.020, which acted as a critical launchpad used by the buyers to send the price up 35% past the resistance at $0.025 to the current levels.

KUNCI Daily Chart

KunciCoin Price
TradingView Chart: KUNCI/USD

KUNCI price had been sealed within the confines of descending parallel channel since early November, recording lower lows and lower highs as shown on the daily chart above. Wednesday’s rally saw the KunciCoin price escape from the bearish technical formation as it breached the upper trend line of the channel at $0.0237, which is evidence of buying pressure and a volume spike for KunciCoin.

A descending channel is a significantly bearish chart pattern that has a downward target set at the lower boundary of the technical formation. However, falling prices tend to break out in an upward direction after a while. This breakout in the opposite direction means the channel has served as a reversal pattern for KunciCoin.

As such, KUNCI may continue to rise from the current levels with the first barrier arising from the 38.2% Fibonacci retracement level at $0.0292 and the second at $0.0306, embraced by the 100-day simple moving average. Additional roadblocks would emerge from the 50%, 61.8% and 78.6% extension levels at $0.0322, $0.035 and $0.0394 respectively.

Overcoming these resistances would clear the path for a rise toward the $0.045 swing high. Such a move would represent a 67% upswing from the current price.

On the downside, the relative strength index (RSI) was facing downward, away from the overbought region and the price strength at 32 showed that the KUNCI token was under the control of bears. This implied that the price may correct if the bulls lose the critical support levels in favor of the bears.

If this happens, KunciCoin price may drop below the 50-day SMA at $0,0270 to seek solace from the channel’s upper boundary at $0.0236. Losing this foothold might see the KUNCI price drop back into the confines of the channel with the lower target set at the lower boundary of the governing chart pattern at $0.016.

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Source: https://insidebitcoins.com/news/kuncicoin-price-prediction-key-levels-to-watch-as-kunci-soars-35