thecryptobasic.com
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.