- KuCoin’s exchange token KCS pumped 17% in the last 24 hours
- KCS buyers flipped crucial resistance into support
- KCS/USDT tapped overbought levels
JAIPUR (Coinchapter.com) – KuCoin’s native exchange cryptocurrency KCS registered 17% gains in the last 24 hours, after breaking out from its 14-day long accumulation phase.
The KCS/USDT spot pair reached $11.5 during the London opening bell on Wednesday. With the said move, KCS closed above $10.8, a crucial resistance point that limited upside moves since July 18. Prices retracted back to $11.02, with traders rushing to book profits after the explosive jump.
Nonetheless, the sentiment around the asset remains bullish, with the KCS/USDT exchange rate posting consecutive green candles above the 20-day exponential moving average (EMA) wave.
KuCoin (KCS) Price Levels To Watch
Bears caught bulls off-guard near $11.02 and look firm in their attempt to drive prices below the July resistance as mentioned above. KCS closing below $10.65 would confirm the beginning of a near-term bearish bias.
Related: More troubles ahead for KuCoin as KCS crashes 30% in just 24 hours
However, the current RSI (related strength index) numbers do hint that a breakdown may be around the corner. Traders generally look at an asset’s RSI readings to assess the relationship between its price trend and momentum. Levels below 30 points to oversold signals (read buy opportunities). And those above 70 indicate overbought conditions (a sell signal).
In general, readings above 50 are skewed towards bears, and those below 50 are skewed towards bulls.
KuCoin logged an RSI reading of 62.77 at the time of writing. The KCS market has been taken over by sellers looking to undo all gains secured during the latest rebound. Traders who bought KuCoin’s exchange asset a week ago can comfortably cash out now with decent profits.
Due to the ongoing bearish action, a drop below $10.65 to $10.13 could be just around the corner. If selling pressure fails to cease, KCS could even revisit $9.8.
