Published 8 hours in the past
The KuCoin (KCS) worth witnessed a major correction in response to the final week’s sell-off throughout the crypto market. The downfall plummeted the coin worth to 0.618 Fibonacci retracement stage, nearing the May low help of the $9.34 mark. Furthermore, the KuCoin worth evaluation signifies a earlier bullish reversal initiated close to the $10 area tasks this space as a possible demand zone.
- The KCS worth reveals a lower cost rejection at 0.618 FIB
- The Daily-RSI slope slumped into the oversold area
- The intraday buying and selling quantity of the KuCoin token is $12.2 million, indicating a 6.78% loss
KCS/USDT Daily Price Chart – Source: KuCoin
The April-May massacre within the crypto market, particularly in Terra LUNA, triggered a major correction within the KCS/USDT pair and plunged it to the $9.34 mark. However, not like some main cryptocurrencies, which witnessed excessive volatility and consolidation, the KCS worth showcased a pointy restoration through the second half of May.
The V-shaped restoration slashed the KuCoin token worth by 90% and hit the overhead resistance zone at $18. A minor pullback noticed mirrored revenue reserving from short-term merchants, after which the consumers reattempted to breach the $18 resistance.
However, final week, crypto merchants confronted one other wave of aggressive promoting, which discounted the KCS coin worth by 36%. The altcoin at the moment trades at $11.83 and retests the 0.618 Fibonacci retracement stage.
Furthermore, the long-tail rejection connected to the May twelfth every day candle signifies a robust demand zone throughout the $10.8-$9.5 mark. Therefore, if KCS consumers might maintain above these ranges, historical past could repeat itself and set off a contemporary restoration rally.
The potential bull run would drive the KuCoin token worth again to the $18 mark, providing 55% development to lengthy holders.
KuCoin Price Analysis – Technical Indicators
Relative power index: The daily-RSI slope nosedived into the oversold area, that signifies the coin worth has skilled a sudden and unhealthy drop. This overextended promoting could lure extra consumers, bolstering the restoration principle.
EMAs: The flattish 100-and-200-day EMA displays an general sideways development for KCS, whereas the downsloping 20 and 50 EMA intensify the continuing correction. Anyhow, consumers ought to hold a detailed eye on these EMAs as they might act as potential resistance.
- Resistance ranges– $17.1-$17.5 and $19
- Support ranges– $16, $15
The offered content material could embrace the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability to your private monetary loss.