The crash this week has pushed KCS to $13 for a brief moment. Now, the key level at $15 is being contested by bulls and bears. The winner will decide where KCS is headed next.
Key support: $11 Key resistance: $18
January has been a very difficult month for KuCoin Token, losing over 40% of its valuation. The bears took full control of the price action, leading to a major crash.
KCS has found some relief at the $15 level. However, if bears continue their assault, then likely for price to drop to $11 which should act as support. The resistance sits at $18 and appears unlikely to be tested any time soon.
Technical Indicators:
Volume: The drop took place on increasing volume. This is a sign of strength for sellers.
RSI: The daily RSI is in the oversold area at 25 points. A bounce could be expected since price rarely sits in extremes for long.
MACD: The daily MACD is bearish and this most recent price action has pushed the moving averages and histogram to make lower lows.
Bias
The bias for KCS is bearish. The indicators as well as the price action shows that the sellers have the upper hand.
Short-Term Price Prediction for KCS
Considering the market right now, it is best to be patient and let KCS find a good level of support that can stop the price fall. The support at $11 is good candidate for that.