KCS Technical Analysis: Will KCS price Sink Below $17.2?

Key technical points:

Past Performance of KCS

KuCoin (KCS)'s price has shaped up into an ascending triangle pattern over the past three months. The coin price wobbled between the absolute resistance(neckline) at $21.6-$21.1, and the ascending trendline gradually narrowed down to breakout points. However, amid the recent sell-off in the crypto market, the altcoin gave a decisive fallout from the triangle pattern.

Source-Tradingview

KCS Technical Analysis 

The ascending triangle breakdown accelerates the KCS correction and plunges it to the $17 mark. The coin price has recently breached this $17.2 support and registered a post-retest fall of 13%.

A flattish 50 and 200-day EMA highlights a range-bound rally in KCS. However, a bearish crossover among the 50 and 100-day EMA will encourage the $17.2 breakdown.

Despite a lower high formation in the  RSI indicator slope shows a bullish divergence indicating weakness in the bearish momentum. Hence, the indicator reflects the possibility of a bullish followthrough.

The MACD indicator shows the fast and slow lines are gradually lower in the bearish territory with a significant gap between them. This expanding gap accentuates the degrees of aggressive selling in the market. Hence, the indicator warns of the solid underlying bearishness.

Upcoming Trend

A daily-candle closing below the $17.2 mark would indicate the sellers are ready for another leg-down, aiming for $16 support.

On a contrary note, if bulls wrest control from the bears during the restest phase, the coin price would rally higher and surge above the $17.2 mark. The resulting fakeout will drive the altcoin to $21.2.

Support Levels: $16 and $15

Resistance Levels: $18.8 and $21.2