KCS/USD - KuCoin Token Rallies 20% After Finding Support at $15!

After a significant market drawdown, KuCoin Token has finally found a good level of support that can propel the price back on the uptrend.

Key support: $15
Key resistance: $18

After a significant drop in early January, KCS has found good support at $15. So far this key support held strong and allowed the price to recover some of the losses with a nice 20% price increase in the past week.

This puts KCS back on the uptrend. The first real challenge for buyers will be the $18 key resistance level that will be difficult to crack, particularly if the overall market remains bearish.

Technical Indicators:

Volume: After a spike in volume during the most recent sell-off, the price entered into an uptrend, albeit on a lower volume profile. So far the bulls managed to have the upper hand, but this will be tested once the price arrives at resistance.

RSI: The daily RSI fell into the oversold area during the crash last Saturday. Since then, the RSI rallied and is found at 36 points.

MACD: The daily MACD remains bearish, but the histogram and moving averages are quickly curving back up. If buyers can sustain this momentum, they have a good chance to flip MACD back on the positive side.

Bias

The bias for KCS is mildly bullish. However, it is important to be cautious, particularly as the price approaches the key resistance at $18.

Short-Term Price Prediction for KCS

If the current bullish momentum is maintained, then KCS has a good chance to test the key resistance at $18. It is too early to tell if buyers will be able to move higher than that. I will revisit the chart once that happens.

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