KOKUSDT Bearish within a Channel Down

The Keystone of Opportunity and Knowledge (KOKUSDT) has been trading on a typical Channel Down pattern since the February 26 High. The price is now approaching the 1D MA50 (blue trend-line) which is exactly on the pattern's Lower Highs trend-line and has been the Resistance since March 06. It had a clear rejection on May 05 while the 1D MA200 (orange trend-line) had a clear rejection on April 05.

As long as the price closes below the 1D MA50, it is more likely for the token to get rejected towards the 2.0 Fibonacci extensio for a new Lower Low. With the 1D RSI though on Higher Lows throughout the whole Channel Down, i.e. on a Bullish Divergence, if the price closes a 1D candle above the MA50, be ready for a short-term buy towards the 1D MA200. A closing above the 1D MA200, would practically mean the end of the bearish trend and the start of a bullish one on the long-term.


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