KCS Coils Within A Wedge Awaiting a Bullish Breakout

-KCS has formed a wedge on major support
-Kucoin rose nearly 200% since the start of April
-Indicators reset for another bullish impulse

KCS has had a wild bull run reaching nearly 6000% gains since its low in January 2019. Kucoin nearly reached its previous ATH of $21.40 the last 2 weeks as the token skyrocketed 200%. The bulls aren’t giving up yet as KCS has held its major support level of $15.75 for the last week.

While looking at the chart, we can see the price of KCS has been coiling within a wedge for a week as investors await its next breakout. The end of wedge has arrived and KCS will make its move within the next day. If KCS manages to break upwards, which is the likely scenario, price should rocket 18% to its major resistance level of $18.80.

If the bears take control and KCS fails to hold its $15.90 support, expect a fall to minor support range of $13.53. In the case the token is left with little buyer, a further dip to major support of $11.40 may occur. This support level is also met with the 4HR 200MA.

While looking at the Stochastic RSI (blue & orange), its fair to expect consolidation of KCS may be coming to an end as the strength has been settled in the oversold territory. The coiled look to the indicators shows its priming for an upward move. Confirming this bullish view, the regular RSI has been curving around the last 4 days and has broke above its trend line. This sets the stage for Kucoin to attempt another bullish move.

KCS intraday levels

Spot rate: $15.91


Trend: Sideways


Volatility: Low


Support: $15.75

Resistance: $18.80