KCS Technical Analysis: May Soon Rise Above $6.69

Kucoin is a technologically advanced cryptocurrency exchange that enables users to trade in various digital currencies like Bitcoin, Ethereum, Litecoin, etc.  It is a highly safe, hack-free, and fast platform for digital transactions. KCS is its prime governance token of this exchange. The following KCS technical analysis will predict the price trends for the next two days:

Past Performance

On Jun 19, 2021, KCS opened at $8.21. On Jun 25, 2021, KCS closed at $6.56. Thus, in the past week, the KCS price has decreased by roughly 20%. In the last 24 hours, KCS has traded between $6.43-$7.09.

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Day-Ahead and Tomorrow

Currently, KCS is trading at $6.68. The price has increased from the day’s opening price of $6.56. Thus, the market seems bullish.

The MACD and signal lines have turned positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to go up further.

Currently, the RSI indicator is at 56%. It faced rejection at 60% and fell to the current level. Hence, selling pressures are increasing. High selling activity will exert downward pressure on the KCS price.

However, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. High buying activity will push the price further up.

In a nutshell, the RSI oscillator has given negative signals, while the OBV and MACD indicators have given positive signals. Thus, we can say that the overall market momentum is bullish. We have to wait and watch to see if the intermittent price pullbacks are temporary corrections or indications of a trend reversal.

KCS Price Analysis

Currently, the price is below the Fibonacci pivot point of $6.69. It may soon rise above it and surpass the first Fibonacci pivot resistance level of $6.94. Thereafter, we have to wait and watch if the price rises further or starts falling again.

The price has breached the 61.8% FIB retracement level of $6.68. It may soon break out of the 50% FIB retracement level of $6.76 as well. Thus, as of now, the bulls look strong. If the positive momentum continues till the day end, then probably the price upswing may continue tomorrow as well.