KCS is the governance token of the KuCoin blockchain-based cryptocurrency exchange. It is a gain-sharing ERC-20 token that is compatible with the Ethereum (ETH) blockchain network and all ETH wallets. Its reward and the incentive-based system allow users to earn passive income. Let us look at the technical analysis of KCS.
On Jul 14, 2021, KCS opened at $11.25. On Jul 20, 2021, KCS closed at $8.37. Thus, in the past week, the price has decreased by roughly 26%. In the last 24 hours, KCS has traded between $8.15-$8.89.
Currently, KCS is trading at $8.50. The price has increased from the day’s opening price of $8.37. Thus, the market seems bullish.
The MACD and signal lines are positive. Thus, the overall market momentum is bullish. However, a bearish crossover by the MACD line over the signal line has occurred. Hence, we can expect an intermittent price pullback amidst a rising trend.
Currently, the RSI indicator is at 71%. It faced rejection at 75% and fell to the current level.
However, buying pressures are still high. High buying activity will exert upward pressure on the KCS price.
Besides, the OBV indicator is rising steadily. Thus, buying volumes are higher than selling volumes. Hence, the price may increase further. In a nutshell, all three indicators have given bullish signals. However, intermittent price pullbacks cannot be ruled out.
Currently, the price is above the Fibonacci pivot point of $8.47. The price may soon breach the first and second Fibonacci pivot resistance levels of $8.75 and $8.93, respectively.
Currently, the price is above the 50% FIB retracement level of $8.52. It may soon break out of the 38.2% FIB retracement level of $8.60. Thus, as of now, the bulls are strong. Hence, we can expect the price uptrend to continue today and tomorrow.