Kin Token Poised for Upswing After Touching Key Support, Technicals Signal

Kin token price has retreated to its 100-day Exponential Moving Average (EMA) support level, indicating a potential rebound. Technical indicators suggest low volume and a positive weighted sentiment, while social dominance and volume have declined. The RSI is close to the midline, and the MACD indicator shows a bearish crossover.

Kin Token Rebounds After Retesting Support, Technical Indicators Signal Further Upswing

The Kin token (KIN) has been trading within a tight range, hovering near the critical 100-day Exponential Moving Average (EMA) support level of $0.00002000. This range-bound movement reflects low trading volume on the chart, as evidenced by the declining price and lower-low structure. However, technical indicators suggest that a rebound is imminent, offering opportunities for investors.

At the time of writing, KIN was trading at $0.00002018, down 8.24% intraday, indicating neutrality on the charts. Despite the recent dip, the token has achieved monthly returns of 1.89% and impressive yearly returns of 24.90%. The KIN/BTC trading pair is currently at 0.000000000301 BTC, while the market capitalization stands at $59.13 million.

Price to Volume Profile: Neutral Outlook, Low Investor Interest

The price to volume profile of the Kin token reveals a neutral outlook. The price has remained within a narrow range, hovering close to the trendline support mark of $0.00002000. However, trading volume has declined significantly by over 45.24% to $316,756, indicating low investor interest and a lack of conviction in the current price action.

Price Volatility and Weighted Sentiment Analysis: Positive Sentiment, Low Volatility

Price volatility has remained below the midline, suggesting a low volume selloff. This indicates that the bears are currently in control, but bulls are likely to absorb the selloff and potentially trigger a rebound soon. The weighted sentiment analysis is positive, with a value near 0.385, indicating that market participants are bullish on the KIN token despite the recent price decline.

Social Dominance and Social Volume AI Outlook: Decreased Activity, Negative Volume

Following the price retracement, social dominance data shows a decline of over 87%, falling to 0.004%. This indicates a sharp decrease in social media activity surrounding the KIN token, suggesting that investors are not overly concerned about the recent price dip. Similarly, the social volume (AI) has registered a negative trend, reaching the 2 mark, highlighting a decrease in the volume of social media discussions related to KIN.

Whales Activity and RSI Highlights: Mixed Signals

Whales, or large investors, have been accumulating KIN tokens. According to Santiment data, the percentage of stablecoin total supply held by whales has surged to 56.923%, indicating that whales are bullish on the long-term prospects of the token. However, the Relative Strength Index (RSI) has remained near the midline, reflecting a negative crossover on the charts. This suggests that the selling pressure is still dominant in the market.

Fib Levels, MACD Indicator, and Market Rank

The KIN price has retested the 23.6% Fibonacci retracement level and is currently near the lower Bollinger support zone. The Moving Average Convergence Divergence (MACD) indicator shows a bearish crossover and has formed red bars on the histogram, confirming a selloff on the chart. The Kin token has a total supply of 2.94 trillion and a volume-to-market cap ratio of 0.00534. It is currently ranked 855th in terms of market capitalization among all cryptocurrencies.

Summary: Retracement and Potential Rebound

The Kin token price has witnessed a retracement to the 100-day EMA support zone, resulting in a loss of value in recent trading sessions. The token is expected to continue its downward trend and potentially retest the 200-day EMA support region near $0.00001700 in the upcoming sessions. However, technical indicators and positive sentiment suggest that a rebound is likely, providing opportunities for investors who believe in the long-term potential of KIN.

Technical Levels

• Support Levels: $0.00001900 and $0.00001800
• Resistance Levels: $0.00002120 and $0.00002250

Disclaimer

The views and opinions expressed in this article are solely for informational purposes and should not be construed as financial, investment, or other advice. It is crucial to conduct thorough research and due diligence before making any investment decisions.