If we look at the price KuCoin Token (KCS) from May 20, we will see that its price was able to hit and break above the $15.61 price. The particular price is the 20-day EMA for KuCoin Token and the bulls were able to hold their ground for a while.
The journey from May 20 to May 26
Despite all their efforts and hard work, the bulls were not able to sustain the strong pressure coming from the bears’ end. The bulls did try really hard to push the price of KuCoin Token over the $17.19 price (50-day SMA). However, the bears were far more resilient than the bulls had imagined them to be.
They launched their barrage of high selling, which caused the confidence level of the buyers to take a huge hit. The graph shows that as the price of KuCoin Token came close to the $17.19 figure, an intense selling activity was noticed.
This suggests that there were many short-term investors who were part of the trend. The moment they found the golden opportunity, they started selling KuCoin Token. This caused the trading price of KuCoin Token to fall at a fast rate.
Once the short-term took their profits out, they pulled from their investments. Such behavior from the investors saw the trading price of KuCoin Token pull from the high price to below 20-day EMA. This particular activity of the investors was recorded on May 26.
The Bulls are Also Gaining Strength
From May 26 to May 28, it was the bears who sustained the pressure coming from the bulls. Their target was to keep the trend in their hands by selling KuCoin Token on a larger scale. They did attempt to bring KuCoin Token much lower than the 20-day EMA but weren’t successful enough.
Soon, the bulls were able to regain control from the bears and on May 29, the price of KuCoin Token was again over the 20-day EMA.
KuCoin Token’s Rise to $19.63
For now, the bulls are sustaining heavy pressure from the bears who are trying to pull KuCoin Token again below the 20-day EMA. However, if the bulls are able to sustain the pressure coming from the bears successfully, then KuCoin Token’s price may surge to $18.44.
It is obvious that the bulls will need to apply a stronger rally, which would help them achieve their goal. Once the benchmark is hit, the bulls may be able to hit and cross $19.63, which is the 200-day SMA for KuCoin Token.
On the other hand, if the bears prevail and are able to pull KuCoin Token below the 20-day EMA again, then they’ll drag it down to $14.92. From there, the sellers may apply more pressure, bringing KuCoin Token down to $12.90.
