While the KuCoin Token (KCS) price shows signs that often lead to a bounce, the long-term readings remain bearish. 

Despite this pessimistic outlook, the price may undergo an initial rally before resuming its previous downward trend.

KCS Price Fails to Clear Long-Term Resistance

The KCS price has fallen under a long-term descending resistance line since reaching an all-time high price of $28,77 in Nov. 2021. So far, the line has been in place for 546 days. So, the trend is considered bearish as long as the price trades below it.

While following the line, KCS fell to a low of $5.55. The creation of a long lower wick (green icon) and the ensuing bounce validated the $6.60 horizontal area as support.

More recently, the line caused a rejection on April 23, catalyzing the current decrease. 

The weekly RSI supports the continuation of the decrease. The RSI is a momentum indicator used by traders to evaluate whether a market is overbought or oversold

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Author: Valdrin Tahiri

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