Kucoin Token Struggles To Hold Key Support At $8, How Low Can It Go?

The worth of Kucoin Token (KCS) has struggled to carry its key assist in opposition to Tether (USDT) in current occasions after exhibiting a terrific restoration bounce because it cracks double-digit positive factors. Bitcoin (BTC) being rejected from a excessive of $25,200 to a area of $20,000 prior to now few days has negatively affected the worth of different altcoins, together with Kucoin Token (KCS). (Knowledge from Kucoin)

Kucoin Token (KCS) Worth Evaluation On The Weekly Chart 

From the chart, the worth of KCS had a robust bullish bias at $22, however the worth was rejected from that area, resulting in a extra downward motion for KCS. 

After seeing two weeks of bearish sentiment, the worth of KCS appears set to bounce from its key assist from what appears to be an space of curiosity for bulls.

The worth of KCS is confronted with resistance at $11 after it rallied from a low of $8.5; KCS wants to interrupt this area of resistance with good purchase quantity to pattern increased to $13.

If the worth of KCS fails to carry the assist at $8.5, we might see the worth going decrease to the assist space at $6.

Weekly resistance for the worth of KCS – $11-$13.

Weekly assist for the worth of KCS – $8-$6.

Worth Evaluation Of KCS On The Each day (1D) Chart

KCS’ day by day low was $8.5, which shaped good assist for the worth to bounce off. KCS’ worth rallied to $11 however couldn’t flip the resistance as the worth was sharply rejected.

KCS’ worth is at present buying and selling at $8.8 under the 50 and 200 Exponential Transferring Averages (EMA), appearing as resistance for the worth of KCS to interrupt increased. 

The 50 and 200 EMA corresponds to costs at $10.3 and $13.3; for KCS to pattern increased, it wants to interrupt this area, appearing as resistance for KCS costs.

A break and shut above 50 EMA would sign a short-term aid bounce whereas closing above the 200 EMA signifies a downtrend reversal to the upside of the present bearish pattern.

If the worth of KCS fails to carry the assist at $8.5, we might see the worth of KCS going to a decrease area for worth accumulation.

Each day (1D) resistance for KCS worth – $10.3, $13.3.

Each day (1D) assist for KCS worth – $8.5.

Worth Evaluation Of KCS On The 4-Hourly (4H) Chart

The worth of KCS on the 4H chart has continued to look weak, attempting to carry above the assist space at $8.5; extra purchase orders on this area might see the worth of KCS going increased. 

KCS has shaped a bullish divergence on the 4H chart as the worth is oversold; we might see a bounce from this area for KCS worth, as $9 might act as minor assist. If this area is flipped, we might see the worth going to a excessive of $10.3

The Relative Energy Index (RSI) for KCS on the 4H chart is under 30, indicating that KCS has been oversold.

4-Hourly (4H) resistance for KCS worth – $9-$10.3.

4-Hourly (4H) assist for KCS worth – $8.5.

Featured Picture From Coingape, Charts From TradingView.com