KCS Technical Analysis: Bearish Pattern Emerges As Buyers Retreat

KCS price action shows an inverted rounding bottom pattern as the correction rally starts after the rejection at $17. Will the breakdown crack the $15 base? Key technical points: The KCS market value reduced by 4.15% in the last 24 hours. The inverted rounding bottom pattern has a neckline at $15. The 24-hour trading volume of Kucoin is $8.60 Million, indicating a rise of 38.7%. Past Performance of KCS The bearish trend continues to lower the KCS market value in an arc of inverted rounding bottom, beginning with the rejection of $17. The negative retracement explains the loss of 12% and warns of the psychological barrier to falling below $15. At present, the price action is forming a lower price rejection close to the neckline that could be breached if selling pressure increases. Source-Tradingview KCS Technical Analysis KCS price is struggling to stay above the neckline of $15 despite the bullish attempts observed in multiple candles. As a result, the price action displays an intense selling pressure, catalyzing the inverted rounding bottom breakout. Falling under the crucial 50 and 200 SMAs, the bearish trend prepares to avoid the golden crossover and break below the 100 SMA. Moreover, a fallout below 100 SMA will increase the likelihood of SMAs regaining the bearish alignment. The RSI indicator shows a sharp fall in the underlying bullishness as the RSI slope fall under the half-line and approaches the oversold zone. Hence,...