KuCoin Token Price Downsizing, But Here is What Traders Can Expect

© Reuters. KuCoin Token Price Downsizing, But Here is What Traders Can Expect

The subsequent downtrend of the crypto market has put major coins like KuCoin (KCS) on a downswing. The lead coin Bitcoin itself is 5.52% down and trades at $21,329.06, as shown by CoinMarketCap.

Currently, KuCoin token hovers at $11.39, with a 3.68% dip in the past 24 hours. Also, the coin ranks 39 among the cryptocurrencies by market capitalization. Diving into the price analysis of KCS, the coin had a steep fall from $14.2 on June 13 to $12.2 on June 14. Also, the coin has been signaling red since June 10, with a meager green blink yesterday.

Moreover, like other coins, KCS also recovered from the crypto crash that happened in the first week of May. With trendline support starting on May 13, the coin surged with slight dips and then spiked at $18 on June 1. Afterward, KCS followed a downtrend, tapping at its current price.

Precisely, the $18 price of Kucoin (KCS) is also its support level, which it could overcome to reach $21, the price it had on April 20, 2022. Significantly, based on the current price, there is another support level of $15. But, KCS should break this support level for a further spike, which is expected to attain a gradual uptrend.

KCS/USDT-I-Day Trading Chart (Source: Trading View)

KCS tapped its all-time high of $28 on December 1, 2021. As shown in the above trading graph, the coin has been following a downswing, since its ATH. However, to overcome this trial, the coin should cross its support level of $21, and spike to $23, the price it tapped in January 2022.

The current price of the coin is a loss for the sellers. However, the situation appears to be the best chance for buyers to purchase the coin at this low price. For short-term liquidators, KCS is said to have considerable price benefits.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.

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