Kucoin Token vs Tether (KCSUSDT) has an interesting chart.
We will be looking at multiple timeframes.
Let's start with the monthly...
Here we can see KCSUSDT in a strong uptrend starting January 2021. That's over a year of continued growth.
The first peak happened in April 2021 and then a new high just shy of the previous one in November/December 2021, basically the same as Bitcoin.
The trading volume has been declining ever since January 2021, this can be considered a continuation signal on this chart or a distribution phase.
KCUSDT monthly stays bullish above EMA10 or $15.8.
Below this level we will see a test of lower support around $11.11 or EMA21.
In general, the technicals are bullish but near resistance/high prices, corrections can develop at anytime.
Now the weekly timeframe to get more in-depth information:
The pattern we are seeing can break either way and is a consolidation pattern.
EMA50 is working as support on this timeframe and has been tested three times, this coincides with the rising trend-line.
You can find the potential targets and support levels on this chart.
To finish, the daily timeframe makes it clear that we are in a decision point:
KCSUSDT is trying to resume its rally but this is not confirmed until prices move and close above $23.5... Trading below this level can increase the risk of a sudden drop.
The longer KCSUSDT remains below the last high, the higher the chances that it will correct before additional growth.
I would be really cautious on this one until a clear buy setup shows up.
Thank you for reading.
This is not financial advice.
I am just reading the charts.
Namaste.
We will be looking at multiple timeframes.
Let's start with the monthly...
Here we can see KCSUSDT in a strong uptrend starting January 2021. That's over a year of continued growth.
The first peak happened in April 2021 and then a new high just shy of the previous one in November/December 2021, basically the same as Bitcoin.
The trading volume has been declining ever since January 2021, this can be considered a continuation signal on this chart or a distribution phase.
KCUSDT monthly stays bullish above EMA10 or $15.8.
Below this level we will see a test of lower support around $11.11 or EMA21.
In general, the technicals are bullish but near resistance/high prices, corrections can develop at anytime.
Now the weekly timeframe to get more in-depth information:
The pattern we are seeing can break either way and is a consolidation pattern.
EMA50 is working as support on this timeframe and has been tested three times, this coincides with the rising trend-line.
You can find the potential targets and support levels on this chart.
To finish, the daily timeframe makes it clear that we are in a decision point:
KCSUSDT is trying to resume its rally but this is not confirmed until prices move and close above $23.5... Trading below this level can increase the risk of a sudden drop.
The longer KCSUSDT remains below the last high, the higher the chances that it will correct before additional growth.
I would be really cautious on this one until a clear buy setup shows up.
Thank you for reading.
This is not financial advice.
I am just reading the charts.
Namaste.
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🚨 Free PREMIUM Trade-Numbers
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➖ If you now enjoy the content, please consider support below...
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