Kucoin Token (KCS) Shows Green Instead Of Red, Will Price Breach $11?
October 15 2022 - 9:00AM
NEWSBTC
KCS’ price shows strength as the price remains green despite the
market’s uncertainty. KCS bounces from the downtrend as the
price breaks out of a descending triangle with strong buy
volume. The price of KCS shows bullish signs as the price
trades above 50 Exponential Moving Averages (EMA) with good
volume. Kucoin Token (KCS) price movement has recently shown
some great price action as the price gained momentum to bounce from
a downtrend against tether (USDT). Although the crypto market is
currently facing a new setback, Bitcoin’s (BTC) price has dropped
from $19,000 to $18,100 as the Consumer Price Index (CPI) indicates
an increase in inflation, which affects the price of BTC and
altcoins. The price is back up at $19,200 does not suggest bulls
have recovered the market. (Data from Kucoin) Related Reading:
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Scientific Research Kucoin Token (KCS) Price Analysis On The Weekly
Chart Given the sharp decline in the crypto market after the
release of the CPI news, the market appeared to be manipulated,
with Bitcoin (BTC) dropping from $19,200 to $18,200 in hours and
then back up to a range high of $19,800 before rejection back to
$19,200. With the possibility of Bitcoin Dominance (BTC.D) rising
to a high of 45%, altcoins could suffer more if BTC retraces.
After dropping to a low of $8.5 in recent weeks, this time has
proved rather tough for KCS buyers considering the bear market has
seen more of a downtrend movement than an uptrend affecting the
price of KCS. The price of KCS currently trades at $9.9 as
the price faces resistance to breaking higher; KCS needs to break
the resistance at $10-$11 for the price to trend to a high of $13.
With the current price action for KCS, we could see the price
breaking this resistance zone with more buy orders. If the price of
KCS fails to break this region, we could retest the support at $9
to hold the price sell-off. Weekly resistance for the price of KCS
– $10-$11. Weekly support for the price of KCS – $9. Price Analysis
Of KCS On The Daily (1D) Chart The daily timeframe for the price of
KCS looks good after the price showed great signs of a potential
breakout from its long downtrend range as the price has found its
movement between $8.5-$9.9. KCS’s price holds strong above
the 50 Exponential Moving Average (EMA); the price of $9.3, which
corresponds to the 200 EMA, acts as strong support for the price of
KCS on the daily timeframe. The price of KCS needs to breakout of
this range-bound movement for the price to trade to a high of
$12-$13. Daily resistance for the price of KCS – $10.5-$11.
Daily support for the price of KCS – $9.3-$8.5. Related Reading:
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Featured Image From zipmex, Charts From Tradingview
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