KCS Price Jumps 90% In 8 Weeks To Tease $10 Break, Eyes $15!
The post KCS Price Jumps 90% In 8 Weeks To Tease $10 Break, Eyes $15! appeared first on Coinpedia Fintech News
With Centralized exchanges back in the game, the CEX tokens resurface with a phoenix-like rebirth. KCS price trend shows a similar revival amidst the market recovery as Bitcoin crosses the $41K mark.
Ending the streak of lower high formation in the weekly chart, the Kucoin token is ready to gain bullish momentum and surface above $10. Moreover, with the ongoing recovery rally showing zero displays of weakness in the weekly trend, the token price may shortly give another breakout entry opportunity.
Source – Tradingview
Crossing the 200W EMA, the KCS price maintains the uptrend and gives a resistance trendline breakout in the weekly chart. Further, the breakout rally approaches the overhead supply zone at $10, teasing a breakout possibility.
However, if Kucoin fails to exceed $10, the price trend might retest the broken trendline, leading to a new bullish pattern. Considering a post-retest reversal occurs, Kucoin might display an inverted head and shoulder pattern in the weekly chart.
However, the ongoing recovery rally shows enough momentum to break past the $10 barrier and signal a new entry point. The $10 breakout rally might face the next resistance at the 50% Fibonacci level at $12.71.
Technical indicators:
EMA: Despite the recent death cross in the weekly chart, the bullish reversal leads to a turnaround in the 50W EMA. This increases the possibility of the 200 and 50-week EMAs regaining the positive alignment.
RSI indicator: The daily RSI line approaches the overbought zone and supports the continuation of the bullish trend.
Will KCS Price Reach $15?
Despite a minimal YTD growth of 32%, the KCS price trend shows huge bull run potential in the weekly chart and is ready for a new break. With a high possibility of the $10 breakout, the sellers will struggle to halt the unleashed momentum at $12.71, which increases the possibility of a run to $15. However, the altcoin may not be able to reach $15 before the end of 2023, making it a target for January 2023.
On the flipside, a reversal from $10 can retest the broken trendline close to $7.20.
Filed under: Bitcoin - @ December 5, 2023 7:11 am