- The KCS coin price has fallen by 0.54% in the last 24 hours.
- The coin has recently faced rejection from its 50-day EMA.
KuCoin (KCS) is a decentralized blockchain that was launched in 2017 as a profit-sharing token that allows its users to draw value from the exchange.
KuCoin (KCS) Price Analysis
The KuCoin price is currently at $4.386 after a slight decline of 0.54% in its price. It has been traded with a 24-hour volume of $626,839 and it has a market capitalization worth $423,638,950. Its circulating supply is around 96,732,986 KCS coins with a max supply of 170,118,638. Its current ranking is 71 among the other crypto coins, according to CoinMarketCap.
1-Day Chart Analysis of KCS Coin
The KCS coin price is currently moving inside a falling parallel channel. It has faced rejection from the upper trendline of the falling parallel channel and has started to fall. Since the last 10 trading days, the coin price has been consistently declining and has fallen by almost 7%.
The KCS price has also faced resistance from the 50-day EMA after which it started to fall. Currently, both 50 and 200 EMA lines are above its price. This shows that the sellers have a strong hold on the price in the current scenario.
The relative strength index (RSI) is below its 50 level which is marked as a bearish territory. The RSI line is currently sloping in a downward direction. This indicates that there is more room for sellers on the downside to make the price fall.
In the overview of the chart, it shows that the price is in a downtrend. It has recently faced rejection from the upper trendline of the falling parallel channel and from the 50-day EMA. The price may fall to its next support at $3.840. If it also gives the breakdown of this level, then its next support is at $3.000.
However, for the price to gain bullish momentum it must give the breakout of the parallel channel. After this, it may reach its $5.625 resistance level. If the price also gives the breakout of the $5.265 resistance level, then it rises to its next resistance at $7.486.
Conclusion
The overall trend of the KCS coin is bearish, as it is falling inside the falling parallel channel. Recently, it has faced rejection from the upper trendline of the parallel channel and from the 50-day EMA. The sellers have control over the price in every way. So its price might be seen falling to its support at $3.840 and if it also breaks below this level, then it may fall to its next support at $3.000.
Additionally, big cryptocurrencies like Bitcoin have faced a negative impact and their price has fallen in the last 24 hours. This fall in price has also impacted KuCoin and the prices of other coins to fall in the last trading session. The overall crypto market has been bearish in the last 24 hours.
Technical levels
Resistance Levels: $5.625 and $7.486.
Support Levels: $3.840 and $3.000.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing or trading in crypto comes with a risk of financial loss.