- KIN price analysis is bearish for today, down by 9%.
- The nearest support is at $0.000072, and resistance is at $0.000081.
- Most of the altcoins fell by huge percentages today.
The crypto land today saw a massive decline in the price of Bitcoin owing to China’s continued crypto crackdown. This led to a decline in the price of Bitcoin as well as most of the altcoins. KIN price analysis is bearish for today as the cryptocurrency dipped by over 9% today.
According to the data presented by Coinmarketcap, the 24-hour trading volume has surged by over 25.25%. The trading volume amounts to $3,716,005.13, which gives a hint that higher prices are possible for KIN/USD in the short term. The market cap for the coin has dropped by 4.32% due to the bearish trend in the past 24-hours.
The current price support exists at $0.000077, just above the major support at $0.000072. This support holds, but if the buying pressure increases further, we might see the price of KIN/USD break down this support level. The nearest resistance level is at $0.000081, which remains unbroken for today. If the buying pressures surges, the price movement will try to test this support.
KIN price analysis: Technical indicators turn bearish
KIN price analysis for today can be carried out using technical indicators. In the 4-hour charts below, you can find the positions and reading of important technical indicators that many analysts use. The key Moving Averages are above the price action. This indicates that we are in a bearish trend in the short term. The chart below shows that the price movement broke down below the key Moving Averages in the past week.
Today, the price action failed to break out from the upper end of the Bollinger Bands. In a single red candle, the price action dropped down towards the bearish zone of the Bands. The increase in selling pressure was seen, and a breakout from the lower zone of the Bollinger Bands can be expected in the short term.
The 4-hour charts below show the RSI and the MACD readings. Both of the readings are bearish as the RSI shows a value of 40. This means that the KIN/USD price is in the bearish zone, i.e., the selling pressure is high. This would be a good time to place your buying order and hold the currency for higher prices.
The MACD indicator shows that recently, we saw a bullish divergence on the 4-hour chart. This led to an uptrend in the short term as the histogram was flashing green. Right now, things don’t seem to be optimistic as the MACD line is coming close to the signal line. If the latter goes up and the former comes down, we will see a bearish divergence. This will lead to a price fall.
KIN price analysis: Conclusion
KIN price analysis is bearish for today, and the conclusion is that KIN price might break down below the support at $0.000072. Although Bitcoin regains its bullish growth towards $44K, the KIN price will turn bearish and move towards the nearest resistance at $0.000081.
For a more detailed KIN price analysis, visit the KIN price prediction wherein our analysis has predicted the price for the long term.