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With a double bottom reversal forming, will KuCoin ($KCS) cross the $9 mark and make a jump to $10 this November?
The crypto market expects to witness a “Moonvember” rally, but uncertainties are increasing amid the U.S. Presidential elections. In this context, $KCS, the native token of the KuCoin exchange, appears to be on the brink of a breakout rally.
As the tug-of-war between bulls and bears continues, centralized exchange (CEX) tokens like $KCS may benefit from increased speculation. This uptick is driven by rising volumes on exchanges, which boosts demand for their native tokens. So, will the KuCoin token ($KCS) experience a surge in this uncertain market? Let’s explore.
KuCoin Token ($KCS) Price Analysis
The $KCS price is showing signs of recovery on the 4-hour chart and is close to surpassing the $9 mark. After starting its recovery rally in early October from $7.37, the KuCoin token is currently trading at $8.97, marking a significant surge of 21.58%.
The recovery rally peaked at $9.37 but experienced a quick reversal on Wednesday due to broader market influences. Currently, the price is in a sideways trend between two crucial volume zones at $8.97 and the $9 psychological mark, indicating a consolidation phase.
Despite this sideways trend, underlying bullish support suggests the formation of a double-bottom pattern. The neckline of this bullish pattern aligns with the $9 psychological mark. Additionally, the trend-based Fibonacci analysis indicates that the 23.60% Fibonacci level coincides with the $9 mark.
Will KuCoin Token Reach $10?
The ongoing recovery as it challenges the $9 mark will generate a strong buying signal if it surpasses this high supply zone. Supporting this bullish breakout, the MACD and signal lines have shown a bullish crossover, accompanied by an increase in positive histogram values.
As the broader crypto market anticipates a “Moonvember” rally, a breakout for the KuCoin token is likely to reach the 50% Fibonacci level at $9.51. In the longer term, the $10 psychological mark could be a realistic target by the end of the month.
Conversely, if the $8.75 support zone fails to hold, potential support levels for the KuCoin token may drop to $8.60 and $8.35.