KCSUDT The last barrier it has to overcome before $14.000
The KuCoin token (KCSUSDT), one of the most promising coins in the market, tested yesterday and broke today above the 1D MA50 (blue trend-line). This is basically an extension of the analysis we made two weeks ago, stating the importance of the 4H MA50 (yellow trend-line) for a short-term rise:
We got the break-out and the mini rally and now the price is testing the next strong Resistance on the 1D MA50. However, this may not be enough to sustain a new rally as both the 1D RSI and MACD indicators are printing sequences similar to those of May 31 that formed a top. The RSI is on a V-shaped pattern with the 2nd top being the May 31 High, while the MACD following a squeeze seems to be turning sideways.
On the May 31 peak, the price got rejected on the 0.786 Fibonacci retracement level, which is exactly where we are at now. As a result we should only feel comfortable to extend buying if the 11.200 Resistance (June 26 High) breaks. In that case we can target $14.000 if not higher.
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We got the break-out and the mini rally and now the price is testing the next strong Resistance on the 1D MA50. However, this may not be enough to sustain a new rally as both the 1D RSI and MACD indicators are printing sequences similar to those of May 31 that formed a top. The RSI is on a V-shaped pattern with the 2nd top being the May 31 High, while the MACD following a squeeze seems to be turning sideways.
On the May 31 peak, the price got rejected on the 0.786 Fibonacci retracement level, which is exactly where we are at now. As a result we should only feel comfortable to extend buying if the 11.200 Resistance (June 26 High) breaks. In that case we can target $14.000 if not higher.
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** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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