Is KuCoin Going to Zero? KCS Drops 1.5% Suddenly as Trending Crypto Gem Hits $675,000 Milestone
KCS, the native token for tier-1 exchange KuCoin, has dropped -1.5% as price action threatens to fall below the 20DMA despite bullish broader market sentiment - leading some dejected bag-holders asking 'Is KuCoin going to zero?'.
This comes as KuCoin exchange falls to 41st place in CEX rankings (by 24-hour volume), with less than a billion in spot transactions despite surging volumes across the market.
Yet, in spite of low-level spot volumes, KuCoin could be showing signs of resurgence - ranking in the top subscriber gainers on reddit this week.
As Bitcoin triggers market excitement, KuCoin is currently trading at a market price of $4.58 (representing a 24-hour change of +1.10%).
This slight upside move is significant following the -1.5% move yesterday, which saw KCS briefly come down to re-test lower support from the 20DMA.
Now back atop the key moving average level, price is facing upside resistance froma a descendant lower trendline.
A break-out here likely depends on wider market sentiment, will Bitcoin maintain bullish position above $34,000?
Further signal emerge from KuCoin's conflicting indicators, with the RSI heating up significantly to an overbought 58.89 - potentially indicating a return to the downside could come soon.
However, the MACD has flipped bullish with divergence at 0.012 - suggesting upside momentum is pushing up.
Overall, KuCoin doesn't look weak here, the successful re-test of the 20DMA is a bullish technical sign, and although the RSI is heating up, it certainly hasn't over-heated just yet.
This leaves KCS with an upside breakout target at $4.75 (a potential +3.26%).
While downside risk could see a return south to $4.45 (a possible -3.26%).
This gives KuCoin a risk: reward ratio reflects the Bitcoin
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