KCS/USD - Higher low or breakdown? Decision time! 😱

26 Jul 2022

KuCoin Token has fallen to the key support at $9. Buyers will have to stop the downtrend here, otherwise the next key support will be found at $8.

Ideally, for the bull case, KCS will form a higher low here and aims to test the resistance at $11.

The bigger issue, however, is that both BTC and ETH are starting to look quite bearish which is not really looking good unless they manage to stop the correction as well.

Any further breakdown in the market leaders will push KCS lower as well. In such a scenario goin to $8 is very likely.

Bias is neutral on this price action. Lets see where the price goes next before changing the bias. A clean break below $9 would definitely turn the bias bearish.

Indicators also show loss of momentum for buyers.

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