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Sanjay Shukla
Nov 24, 2022
by Sanjay Shukla

KCS Technical Analysis: KuCoin Prepares For A Bull Cycle Within Sideway Range

KCS Technical Analysis
The KCS technical analysis shows that the token moves sideways while breaching the 200-day EMA significantly, eyeing to break above the mark of $7, with rising demand among buyers. 

KuCoin Token (KCS) price action displays the continuation of a bullish recovery, signaling another bullish breakout while moving sideways above $6.90. During the recent crypto collapse in the second week of November, KCS plummeted below the mark of $6 from the psychologically important level of $10. The drop accounted for a drop of 8.8% over the last 14 days. However, the token quickly consolidated between the range of $6.97 and $6.39, while signaling strong momentum to break above the mark of $7 again, despite moving sideways.

Key Points

  • KCS gains bullish momentum with prices moving above 200-day EMA

  • The daily chart shows a sideways uptrend with prices teasing to break above $7

  • With a rise of 10%, the intraday trading volume in KCS is $1.58 million 

    • TradingView ChartSource: Tradingview

    KCS Technical Analysis

    With a growth of 3.4% in the last 24 hours, the market valuation of KCS rose by 3.83% to reach  $680.10 million. Additionally, the jump of 10% in 24-hour trading volume to $1.58 million supports the uptrend in the market. Even though the market is characterized by a sideways trend, the 200-day EMA moving below the prices signals a possible bullish breakout. As the KCS market continues to move sideways despite uptrend momentum, the sideline traders must identify horizontal price channels or wait for a breakout for entries and exits. They can also put a stop loss below and above the resistance and support levels respectively to make profits. 

    Technical Indicators

    Approaching the overbought zone while challenging the 14-day SMA, RSI makes a steep jump above the halfway line after narrowly escaping the oversold boundary. Moving sideways, the MACD also signals an upswing, giving a crossover at the midpoint on a bullish histogram.

    According to the technical indicators, there is a spike in demand among buyers as KCS rebounds from the recent drop while MACD is set for another round of upswing. 

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    KCS Technical Analysis: KuCoin Prepares For A Bull Cycle Within Sideway Range
    Sanjay Shukla
    Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.

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