The ongoing correction rally in KCS price threatens a fallout from the $17.2 support level. Are sellers ready for another leg down?

Key technical points:
<ul>
 	<li style="font-weight: 400">The KCS price tease $7.2 breakdown</li>
 	<li style="font-weight: 400">The coin chart reflects a potential crossover between the 20-and-200 EMA</li>
 	<li style="font-weight: 400">The 24-hour trading volume in the KuCoin token is $5.1  Million, indicating a 40% loss. </li>
</ul>
<h2>Past Performance of KCS</h2>
KuCoin (KCS)'s price has shaped up into an ascending triangle pattern over the past three months. The coin price wobbled between the absolute resistance(neckline) at $21.6-$21.1, and the ascending trendline gradually narrowed down to breakout points. However, amid the recent sell-off in the crypto market, the altcoin gave a decisive fallout from the triangle pattern.

<img src="https://s3.tradingview.com/snapshots/4/4z3zA3Fz.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/4z3zA3Fz/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>KCS Technical Analysis </h2>
The ascending triangle breakdown accelerates the <a href="https://www.cryptoknowmics.com/news/kucoin-token-kcs-price-prediction-2022-will-kcss-price-hit-28-27-in-2022/">KCS</a> correction and plunges it to the $17 mark. The coin price has recently breached this $17.2 support and registered a post-retest fall of 13%.

A flattish 50 and 200-day EMA highlights a range-bound rally in KCS. However, a bearish crossover among the 50 and 100-day EMA will encourage the $17.2 breakdown.

Despite a lower high formation in the  RSI indicator slope shows a bullish divergence indicating weakness in the bearish momentum. Hence, the indicator reflects the possibility of a bullish followthrough.

The MACD indicator shows the fast and slow lines are gradually lower in the bearish territory with a significant gap between them. This expanding gap accentuates the degrees of aggressive selling in the market. Hence, the indicator warns of the solid underlying bearishness.
<h2>Upcoming Trend</h2>
A daily-candle closing below the $17.2 mark would indicate the sellers are ready for another leg-down, aiming for $16 support.

On a contrary note, if bulls wrest control from the bears during the restest phase, the coin price would rally higher and surge above the $17.2 mark. The resulting fakeout will drive the altcoin to $21.2.

Support Levels: $16 and $15

Resistance Levels: $18.8 and $21.2

KCS Technical Analysis: Will KCS price Sink Below $17.2?

The ongoing correction rally in KCS price threatens a fallout from the $17.2 support level. Are sellers ready for another leg down?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

KCS Technical Analysis: Will KCS price Sink Below $17.2?

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