- KuCoin Token price (KCS) declined by 1.01% in the past day and it is currently trading at $6.10.
- KuCoin Token (KCS)’s whale-holding data states that whales hold a massive 97.1% of the total supply with a decrement of 0.03% in the past 1 year.
KuCoin Token (KCS) was launched in 2017 as a way for traders to share the exchange’s profits. It is an ERC-20 token on Ethereum and works with most Ethereum wallets. KCS has a 200 Million supply, but half of it will be bought back and burned. KCS will also be the main asset and governance token of KuCoin’s decentralized services and community.
KCS price is currently trading at $6.10 with a decline of 1.01% in the past 24 hours. According to CoinMarketCap data, KCS cryptocurrency holds a total market cap of $590.15 Million and ranks 68th in the crypto market.
It received $1.25 Million volume in the past 24 hours which is 2.13% less than the previous day. It has over 96.79 Million in circulating supply. The volume-to-market cap ratio of the KCS token is 0.21% which indicates very low volatility in the market.
KCS Price Prediction Using Price Action Strategy
The KCS price prediction reveals that the token seemed to be in a long-term correction phase and correcting by forming lower lows and lower highs. On KCS weekly chart, the price is trying to form a descending triangle pattern taking rejection from an upper trendline and support from a horizontal demand at $5.73 since August 2022.
Source: KCS/USD By TradingView
Moving on to the daily KCS chart, the KuCoin token declined after suffering rejection from the trendline. Also, the price formed a head and shoulder pattern near the trendline, the breakdown of which made the price to slid nearly 30%. Thereafter, the price took a rebound from the previous demand zone and surged 25%.
Currently, the price is correcting and nearing the previous demand zone where it has chances of bouncing back from. If the KCS token bounces back from the demand zone, then the token may surge up to $8.3
Indicator Analysis
As per the EMA analysis, the KCS price is trading below all the EMA which shows negative sentiment created in the market for now. The token has to surpass hurdles of the all the EMAs to make an upside move as the EMA may act asresistance for the token.
At the time of publishing, the RSI value of the KuCoin token is 37.7 and that of the SMA line is 39.06. RSI is declining after bouncing off from the oversold region which indicates neutral to bearish sentiment for now.
MACD lines are about to make a bullish crossover. Also, histogram bars are being formed below the mean line but height is decreasing which indicates short-term bullish to neutral sentiment.
Conclusion
KuCoin token (KCS) price prediction concludes that the price seems to be in a long-term correction phase forming a descending triangle in the weekly timeframe. Currently, the price is declining and nearing its demand zone from where it may again bounce back.
However, KuCoin token (KCS) needs to gain buyers’ interest to bounce back and surge higher. The indicators are showing a mixed reaction for now. If the price bounces off from the demand zone, it may surge up to $8.28.
Technical Levels
- The support levels of the KCS at $5.73 and $4.16.
- The resistance levels of the KCS at $8.28 and $9.54.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
