KCS Technical Analysis: Trading at $10.891, Price Slightly Reduced from the Opening of $10.735

KCS is the native token of KuCoin, which was launched back in 2017 as a profit-sharing token that allows traders to draw value from the exchange. It was issued as an ERC-20 token running on the Ethereum network and was supported by most Ethereum wallets. The total supply of KCS was set at 200 million, and there is a planned buyback and burn until just 100 million KCS remain. Sooner or later, as the KuCoin decentralized trading solution goes live, KCS will be the native asset of KuCoin’s decentralized financial services as well as the governance token of the KuCoin community in the future.

In the long run, KCS performs as the key to the entire KuCoin ecosystem. With the development of DEX and KuChain, KCS will also be the underlying fuel and general token for future KuCoin decentralized products. More details will likely be released in the near future. Let us see the technical analysis for the future.

Past Performance

On July 3, 2021, KCS started trading at $7.063. As of June 4, 2021, the closing price of KCS was $7.148. Thus, in the past week, the KCS price has increased by 4.84%. In the last 24 hours, KCS has traded between $10.940 – $10.840.

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Day Ahead And Tomorrow

Currently, KCS is trading at $10.891. The price has slightly reduced from the opening of $10.735. As price moved to a high and the price touched its peak at $10.940 a few hours back, fell downward and traded around $10.885.

The MACD and signal lines are near zero – a bearish crossover by the MACD line over the signal line has occurred.Thus, it looks like the price analysis is on the lower side.

The RSI indicator is at 61%. It has actually risen from the 58% mark. Thus, it indicates that the buying activity is getting activated in the market. Hence, we can expect the price to rise for some time.

The price has tested and broken above the Fibonacci pivot point of $10.711. As some of the oscillators have shown bearish signals, we can expect the price to increase and test the first Fibonacci pivot support level of $10.697 soon.

KCS Technical Analysis

The price has been tested and is currently trading above the 38.2% FIB retracement level of $9.612. If the price goes above the 23.6% FIB extension level of $10.959 in some time, this implies that the price uptrend is strong. In that case, the price upswing is likely to continue for a few hours.

However, if the price tests and rises above the 38.2% FIB retracement level of $10.702. It can test the 50% FIB retracement level of $10.916.