KCS/USD - KCS Preparing the Stage for a Breakout!

KUCOIN:KCSUSDT   KuCoin Token / Tether
KCS has formed a descending triangle after failing to push above the key resistance. Now price is compressing in the apex which will lead to an eventual breakout.

Key support: $19, $16
Key resistance: $23, $28 ( ATH )

The market has remained bearish in January, with several failed attempts to turn back on the uptrend. KCS is no different and has formed a large descending triangle (in blue) with lower highs and a flat base.

The key support at $19 held well so far, but this is likely to be retested soon as price approaches the end of this formation. The resistance at $23 is likely not going to be tested anytime soon, since KCS has to break above the triangle first.

Technical Indicators:

Volume: Volume remains low in January compared to the rally from late 2021. However, the current key support level has attracted more buyers, giving KCS a good chance to hold above $19.

RSI: The daily RSI continues to fall and has made lower lows and lower highs. This is bearish .

MACD: The daily MACD is bearish and is currently trying to curve back up. KCS has to break above the descending triangle to trigger a bullish crossover on MACD .


The bias for KCS is neutral. Price has to break away from this triangle to confirm its next move.

Short-Term Price Prediction for KCS

In the near term, expect to see KCS move sideways within the triangle as it consolidates and prepares for an eventual break of this formation. Price can go either way at this time and it may be contingent on the overall market. Until then, you will likely see KCS hover just above $19.

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