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KuCoin Shares – $KCS Price Analysis

KuCoin Shares – $KCS Price Analysis

$KCS, the native exchange token of Kucoin exchange has seen an incredible rise from ~$0.34 all the way to its peak at $2.30. Price had then retraced to the $0.90-$94 zone twice, and has just reached it for a third time again.

We also seem to be at a support of a bullflag that is forming. A break out of the bullflag resistance seems likely to happen in the long term if the current support that we are at holds up.

If it doesn’t hold up price will retrace lower, potentially to create a double bottom at our ~$0.34 support zone. I find this scenario to be highly unlikely.

We see a Double Bottom pattern forming on many different altcoins, many of whom have successful formed this pattern and reversed in price.

For example, we pointed out this pattern on $ENJ. After this pattern had formed we had seen a tremendous growth of over 100% profit. We closed that trade at ~80% profit. Heres that analysis for reference: https://cryptoplanet.cash/enj-price-analysis/

For confirmation of bullish reversal before entering this trade, it would be wise to wait and see that this support zone holds. This would confirm the pattern. For those who would like to take even less risk, you could wait until a breakout of the bullflag resistance which would also confirm the bullflag pattern.

 

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