<

KuCoin (KCS) Price May Have Started a New Uptrend, Where is the Next Target?

The KuCoin (KCS) price has broken above a long-term pattern and formed a higher low. It is expected to continue rising in the near future.

Weekly Outlook

The KuCoin (KCS) price broke above a long-term descending parallel channel during the week from November 20 to 27, 2023. This indicates that the previous long-term downtrend has ended, and the KCS price may have started a new uptrend.

Indeed, the price continued to rise before being halted by a strong resistance zone at $11.1 in the following four weeks (red arrow).

Despite the rejection, the KCS price did not undergo any significant correction. Instead, it bounced up from the nearest support zone at $9.4 and formed a higher low. This further reinforces the notion that KCS is in a new uptrend.

Currently, the price is challenging the formidable resistance at $11.1 once again.

The weekly RSI has returned to the overbought zone and is trending upward, suggesting the bulls are back in the driver’s seat.

Therefore, the KCS price might break above the current resistance zone and rise by 33.18% to the next resistance level at $14.1.

KCS/USDT weekly chart . Source: TradingView

Short-Term Breakout

The daily chart shows that the KCS price has broken above the short-term horizontal resistance zone at $10.1 and confirmed it as support on February 22, 2024 (green arrow).

The daily RSI has bounced from the 50 level and is sloping upward, supporting the possibility of further gains.

Thus, the KCS price could rise to the $11.1 level in the coming days.

KCS/USDT daily chart . Source: TradingView

Conclusion

Technical signals indicate that KuCoin (KCS) may have initiated a new uptrend. The nearest target is $11.1, and potentially higher to $14.1.

Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like