KCS/USD - Downtrend Continues. Critical Support at $8.8 😲
KuCoin Token lost the bullish momentum in mid-August and since then it's been a non-stop downtrend for its price.
After being rejected at $11, KCS crashed to the key support at $9.3. Later, it failed to recover and fell back lower to $8.8 which is our current support.
If buyers can't stop the downtrend here, then the next key support is at $8.3.
The current resistance is found at $9.4 and it is unlikely it will be tested any time soon.
The indicators remain bearish, but sellers seem to have lost some interest in pushing KCS lower at this time. This gives some relief to bulls which could defend the key support at $8.8 and stop the downtrend.
Looking ahead, KCS will likely follow the overall market which continues to be bearish, particularly because both BTC and ETH have made lower lows.
KCS is no different and the drop this Monday made a low not seen since July. Hence, my bias is somewhat bearish on this price action.
Keep a close eye on the key support and be patient before taking a position, the market is very fragile right now.
Like and follow if you liked this idea!
After being rejected at $11, KCS crashed to the key support at $9.3. Later, it failed to recover and fell back lower to $8.8 which is our current support.
If buyers can't stop the downtrend here, then the next key support is at $8.3.
The current resistance is found at $9.4 and it is unlikely it will be tested any time soon.
The indicators remain bearish, but sellers seem to have lost some interest in pushing KCS lower at this time. This gives some relief to bulls which could defend the key support at $8.8 and stop the downtrend.
Looking ahead, KCS will likely follow the overall market which continues to be bearish, particularly because both BTC and ETH have made lower lows.
KCS is no different and the drop this Monday made a low not seen since July. Hence, my bias is somewhat bearish on this price action.
Keep a close eye on the key support and be patient before taking a position, the market is very fragile right now.
Like and follow if you liked this idea!
📣 Find more Alpha by joining Your Crypto Community 🔰 LINKs BELOW 🔰
🔹 Over 5,000 members!
🔹 Real trades & wins explained
🔹 Trading ideas, crypto trends & alpha
Likes and follows appreciated! 🚀
🔹 Over 5,000 members!
🔹 Real trades & wins explained
🔹 Trading ideas, crypto trends & alpha
Likes and follows appreciated! 🚀
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.