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- The price of KCS rose 1.83% over the past 24 hours and was trading at $6.25.
- KCS’ gain is significant given the fact that the majority of the market dropped during the same period.
- The MACD indicator on KCS’ daily chart suggested that the altcoin may undergo a bearish trend reversal soon.
KuCoin Token (KCS) saw its price rise by 1.83% throughout the past day of trading, bringing the token’s trading value up to $6.25 according to CoinMarketCap. Although the token’s performance might not seem like such a feat at first, it is pretty significant considering the fact that most of the top 100 tokens saw their prices dip by over 2% in the past 24 hours.
During this time, the price of KCS was able to reach a high of $6.33. The jump in KCS’ price also allowed it to strengthen against the market leader, Bitcoin (BTC), by about 1.99%. Meanwhile, the token’s 24-hour trading volume slipped by just over 4%, which brought its volume down to $2,168,387 at press time.
KCS’ market cap was able to climb to $605,016,709, which ranked it as the 72nd largest cryptocurrency by market capitalization. This placed it right behind Gala (GALA) and just ahead of Mina (MINA).
Daily chart for KCS/USDT (Source: TradingView)
KCS was attempting to overcome the $6.34 resistance level at press time. Should it break above this significant mark, then it could rise to the subsequent barrier at $6.610 in the following few days. This bullish thesis may be invalidated if KCS closes today’s daily candle below $6.340.
In this more bearish scenario, KCS could fall below $6.070 and potentially drop to as low as $5.770 through the course of the following week. Traders and investors will want to note that the daily Moving Average Convergence Divergence (MACD) line was closing in on the MACD Signal line.
This is generally seen as a bearish signal, as it suggests that KCS’ positive trend may undergo a bearish reversal soon. If the MACD line crosses below the MACD Signal line, then the trend reversal could be confirmed.
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