KuCoin Price Analysis: KCS Price Strikes Multiple Resistance levels at $17

The KuCoin (KCS) price has significantly recovered within the last three weeks, while some major cryptocurrencies witnessed high volatility. The recovery rally has surged 80% and aims to challenge an important zone at $17.1-$17.5. However, can buyers undermine the bearish crossover of the 100-and-200-day EMAs?

Moreover, considering the hot topics in the crypto space, KuCoin has recently added LUNA and LUNC trading pairs to their Isolated Margin trading platform.

Key Points:

• The KCS chart showcased concentrated resistance levels at the $17.1-$17.5 mark.
•  The 100-and-200-day EMAs offer a bearish crossover.
• The intraday trading volume of the KuCoin token is $12.3 million, indicating a 53.5% hike.

KCS/USDT Daily Price Chart – Source: KuCoin 

On May 6th, the KuCoin (KCS) price provided a confirmed breakdown of the $17.1-$17.5 support zone. Furthermore, losing this monthly support and May 2nd week sell-off intensified the ongoing selling pressure.

The post-retest fall tumbled the KCS price by 45.5% and slumped it to a low of $9.34. However, this overextended selling couldn’t sustain the price for long, and the rising interest for discounted KCS price triggered a V-shaped recovery.

The recovery rally reclaimed some crucial technical levels like $15, 0.5 Fibonacci retracement level, and 50-day EMA, registering an 80% gain within a fortnight. 

It is worth noting that coin sellers attempted to lower the price during May’s 3rd week. However, the KCS price immediately bounced back from the $15 support, indicating the traders are buying on dips.

Furthermore, the post-pullback rally rechallenges the $17.1-$17.5 resistance zone. In addition, the coin chart displays a confluence of major technical resistance concentrated at this level, such as the 0.618 Fib level and the 100-and-200-day EMAs.

A possible bullish breakout and closing above the $17.5 mark would reclaim a significant milestone for KCS recovery, with its next target at $21.2.

Conversely, a failed attempt to breach the overhead resistance would increase the chances of a $15 fallout.

Technical Indicator

Fibonacci retracement level: The KCS price has surged above the 0.5 Fib level and is currently tagged at the 0.618 Fib level. A successful breakout above this level would lower the chances of reversal to the lower level and simultaneously bolster the recovery theory.

Vortex indicator: A considerable gap after a bullish crossover of VI+ and VI- slopes reflects a rise in underlying bullishness.

• Resistance levels– $17.1-$17.5 and $19
• Support levels– $16, $15

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.