KCS Technical Analysis: Potential Reversal May Prolong Correction

According to the technical analysis, KCS chart shows a narrowing price spread between the converging trendlines of a falling wedge pattern. Is there a buying opportunity? The recent bull cycle in KCS price stalls at the resistance trendline of the falling wedge pattern. Under the pattern’s influence, the coin price may extend its downfall for a few more sessions. However, it would eventually pierce the above trendline to ignite a new recovery rally. Key Points: The KCS price action reflects a bear cycle restarting within the falling wedge pattern. The MACD and signal line are nearing a bullish crossover. With a market cap of $1.5 billion, the intraday trading volume of KuCoin has increased by 23% to reach $2.7 million. Source – TradingView KCS Technical Analysis Amid the widespread correction in the crypto market, the KuCoin (KCS) price witnessed a bearish reversal from the $11 resistance and shaped into a falling wedge pattern. In response to this pattern, the KCS price tumbled 16.5% in the past three weeks. On September 2nd, the coin chart showed a Doji candle at an overhead resistance trendline, indicating uncertainty among market participants. Thus, if sellers continue to defend this trendline, a possible reversal from this resistance will prolong the ongoing correction rally. The resulting downfall could plummet the price 6.5% lower to hit the shared support of $8.6 and the bottom trendline. However, the very nature of th...