The V-shaped recovery in KCS price registered 56% gain in less than a month. Moreover, the technical chart revealed an inverted head and shoulder pattern, which heightens the possibility of trend reversal. A bullish breakout from the $23.3 neckline would complete the chart pattern, providing an long opportunity for crypto traders.
The Past Performance Or Trend
The correction phase initiated in December 2021 tumbled the KCS/USDT pair by 53% and brought it to 0.786 Fibonacci retracement level($13.5). The buyers aggressively defended this level and amid the recent recovery in the crypto market, the KCS price surged 56% to the $21.2 mark.
A few higher price rejection candles at the overhead resistance, indicated profit booking from long traders. A minor pullback(11.5%) to the $18.6 mark immediately rebounded, suggesting the sentiment has switched and traders are buying on dips.
Moving Average(20-100) bullish crossover Bolster the ongoing rally
The KCS/USDT technical char
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