KCS/USD - Consolidating before another leg up! $34 Next? 🤩

13 Nov 2021

Kucoin token (KCS) had a fantastic year with a 30x price increase since January! This strong performance is expected to continue as long as the market remains bullish.

• Key Support level: $21
  
• Key Resistance level: $34
  

This week, KCS broke the all-time high from Jan 2018 ($21.3) and set a new record at $25! Since then KCS has been consolidating above the $21.3 support level (which was previous resistance).

The price has also formed a very steep uptrend which so far has held strong. If the current support holds, expect to see KCS attempt to go much higher with the next key resistance sitting at $34.

Technical Indicators of KCS Price:

• Trading Volume: Volume exploded as soon as KCS broke above the all-time high from 2018. This confirms the breakout.
  
  
• RSI: The RSI has been hovering around the 70 points area for a few weeks now. This shows a strong bullish momentum. However, the RSI has also formed a bearish divergence on the daily timeframe. This may indicate a consolidation period or even a short lived pullback is possible before further price increase. For now this is not confirmed and a break of the trendline is needed to confirm it.
  
  
• MACD: The MACD is bullish, particularly on higher timeframes such as weekly. While the daily histogram is making lower highs, this does not become concerning unless KCS break below the key support.
  

Bias:

The bias for KCS is bullish and will remain so as long as price does not fall below $21, which is the current support.

Short-Term Prediction for KCS Price:

KCS has a very strong momentum behind it as indicated by the steep trendline. So long this is maintained, KCS can make further gains without any significant pullbacks. Expect to see KCS price just above $21 in the near future. If bulls can defend the $21 support level well, then KCS can aim higher towards the next key resistance at $34.

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