Table of contents
The KCS coin price trend sideways as the consolidation grows between the daily EMAs. Should you consider buying in this consolidation?
Key technical points:
KCS prices rest at the $18 support level.The 50 and 100-day EMA are diverging to give a bearish crossover.The 24-hour trading volume of KuCoin is $5.89 Million, marking a 26% rise.
Past Performance of KCS
Under the solid bearish imprinting of the 50 and 100-day EMA, the KCS coin price consolidates above the $18 support level. The consolidation has initiated after the 15% from the $21 mark, which found demand at the 200-day EMA. Hence, the consolidation range can be considered between the 200 and 50-day EMA.
KCS Technical Analysis
KCS coin price shows higher price rejection from the EMAs, resulting in an increased breakdown possibility. However, the $17 level buyers form a double bottom pattern projecting the likelihood of a price jump.
The 200-day EMA provides constant support to sustain the consolidation range contrary to the 50 and 100-day EMA giving a bearish crossover while providing resistance. Hence, a breakout of either EMA will generate a trading opportunity.
RSI Indicator: The RSI slope shows a sudden jump in underlying bullishness evident by the 14-day SMA breakout. The string reaches the halfway mark and increases the trend reversal possibility.
MACD Indicator: The MACD and signal lines show a trend reversal that may spawn a bullish crossover shortly.
In a nutshell, the KCS technical analysis has a neutral outlook and projects the possibility of further consolidation.
With the consolidation growing between EMAs, the trapped momentum increases the chances of a sharp volatile move in KCS coin price. Considering the prices overcome the 50-day EMA, the price jump could reach the $21 mark.
Conversely, a breakdown will push the prices below the 200-day EMA and revert the prices to $16.
Resistance Levels: $20 and $21
Support Levels: $18 and $16