KCS/USD - Kucoin Token holds strong despite market carnage!!!

Centralized exchange tokens have held very strong despite today's market meltdown. This is clearly shown by the KCS/BTC chart, where KCS is in the green versus Bitcoin. The same applies to BNB or FTT.

This means demand for exchange tokens remains high and the bears did not manage to break their key support levels.

Despite a drop to $18 during the crash, KCS recovered entirely and is now firmly placed above the support line at $21. This is again a sign of strength!

Key Support level: $21
Key Resistance level: $34

The bears did not manage to close the price below the key support level, this is bullish and shows the bulls remain in control of KCS's price.

Technical Indicators:

Trading Volume: High volume on this drop, but KCS recovered well and FAST. This is bullish.

RSI: The RSI continues to drop on the daily timeframe. Bulls need to be careful as bears may attempt another break of this key support and it is important for KCS to not lose this level.

MACD: The 3-day MACD remains bullish, but it is fast approaching a bearish cross. Hopefully, KCS manages to consolidate at this level and not close a daily candle below the key support.

Bias:

The bias for KCS is neutral at this time. Best to be careful considering the current market conditions. The bears may attempt another break of the support level. If they are successful, KCS can quickly fall towards $15.

Short-Term Prediction for KCS Price:

Expect to see KCS price just above the $21 support level in the near term. But watch out, as this level has been under a constant attack from bears. Price has held well every time so far. If the overall market continues to drop, then the pressure will build up on bulls.

Also check my BTC idea below for a status update on the overall market.

Like and follow if you liked my idea!