KUCOIN has drastically lost 88.05% from its ALL-TIME-HIGH in January 2018( 20.37 down to 2.43, its current price).
A quick review of KCS:
KuCoin Shares are a digital asset issued by the KuCoin exchange. KuCoin Shares (KCS) grant owners a portion (initially 50%) of the trading-free revenue generated by the exchange, along with various fee discounts.
KuCoin Shares were issued in August 2017 alongside the launch of the kucoin.com exchange. A total of 200 million KCS were created (as an Ethereum ERC20 token). 70 million are retained by the KuCoin founders, 30 million were allocated to investors and 'industry stars', and the remaining 100 million were sold to the public.
In similar fashion to Binance Coin, KuCoin plans to repurchase and burn 100 million KCS over time as trading-free revenue allows.
Age 7 mos
Marketcap (current) $220.31M
Price (USD) $2.43
Price (BTC) 0.00038฿
24hr Change (%) -3.08%
24hr Trade Volume $1.30M
All Time High $20.37
All Time High Date 2018-1-7
% down from ATH 88.05%
1 week -12%
1 month -33%
3 months 22%
6 months 291%
KCS continues to push lower as it gradually moves to its initial support level. An emerging actionable trading signal or a preceeding price move will be determined by:
- Chart pattern
THE CHART PATTERN.
As it continues its move to the down side, it is sticking tight inside a chart pattern called THE DESCENDING CHANNEL.
Price trend leading to the channel can be from any direction.
The Shape looks a pipe tilted up or down, but not horizontal. The two trendlines should be parallel or nearly so. Both should tilt upward or both should tilt downward.
Price should touch each trendline at least twice as distinct peaks or valleys.Price should cross the pattern from trendline to trendline, nearly filling the available space.
Breakout Occurs when price closes outside the trendline boundary up. The descending channel being a tight one as price has reach the previous support level.
Technicals suggest that the KCSUSD chart is it a little bit bearish as more expectation is to touch the 2.08usd, but if the local highs are breached a target of 3usd up to 7usd will be achieved
HOLD FOR LONG TERM.
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.