Will KuCoin (KCS) Token Cross the $9 Mark and Make a Jump to $10 This November?

With a double bottom reversal forming, will KuCoin (KCS) cross the $9 mark and make a jump to $10 this November?

As the crypto market anticipates a “Moonvember” rally, several digital assets are poised to make substantial price movements. Among them, exchange tokens have been performing exceptionally well in recent times.

With a double bottom reversal forming on the 4-hour chart, traders are now wondering if the native token of the KuCoin exchange (KCS) will cross the $9 mark and make a jump to $10 this November.

KCS Price Analysis on the 4-Hour Chart

The KCS price is showing signs of recovery on the 4-hour chart and is close to surpassing the $9 mark. After starting its recovery rally in early October from $7.37, the KuCoin token is currently trading at $8.97, to be precise.

The price action showcases a total surge of 21.58% from its October lows. The recovery rally peaked at $9.37 but experienced a quick reversal on Wednesday due to broader market influences.

Currently, the price is in a sideways trend between two crucial volume zones at $8.97 and the $9 psychological mark. This price action indicates a consolidation phase.

However, upon closer inspection of the 4-hour chart, we can identify a double-bottom pattern forming on the KCS price chart. This bullish pattern is known for reversing a downtrend and signaling a potential uptrend.

The neckline of this bullish pattern aligns with the $9 psychological mark. Additionally, the trend-based Fibonacci analysis also indicates that the 23.60% Fibonacci level coincides with the $9 mark.

If we consider the Fib levels and the double-bottom pattern together, then a breakout from this formation could propel the KuCoin token to the 50% Fibonacci level at $9.51.

Will KuCoin Token Reach $10 This Month?

The ongoing recovery as it challenges the $9 mark will generate a strong buying signal if it surpasses this high supply zone.

Supporting this bullish breakout, the MACD and signal lines have shown a bullish crossover, accompanied by an increase in positive histogram values. This further strengthens the buying momentum for the KuCoin token.

As the broader crypto market anticipates a “Moonvember” rally, a breakout for the KuCoin token is likely to reach the 50% Fibonacci level at $9.51. In the longer term, the $10 psychological mark could be a realistic target by the end of the month.

However, if the $8.75 support zone fails to hold, then potential support levels for the KuCoin token may drop to $8.60 and $8.35.