The KUB token has demonstrated wonderful, but bearish nowThe KUB token has demonstrated wonderful performance on the daily chart with 6.76% performance growth in the last month, and quarter performance has shown by 13.14% increase.
However, the rally did not maintain above the supply level, after showing a breakout and retest scenario for further uptrend movement, it turned out to be a fake breakout. Because, the price failed to move up and instead gave a gap down entry on March 18th, 2024, and has been declining since then, which led to its price performance on the daily chart being a poor one with a decline of -21.08% percentile.
At the time of writing, its market cap in accordance with the KUB project is $228.32 Million, and the fully diluted market cap is $2.58 Billion, per Coinmarketcap website. Meanwhile, its volume has declined by -21.56% on all major tradeable platforms which stands at $951,577.37, with the current market price trading at $2.556.
Therefore, if the price continues to break support of $2.400 then the price will deteriorate more and seek lower levels. On the flip side, if it manages to sustain over $2.400 support and jumps the supply level, then the turn around can be massive, leading to new higher levels, like $3.00, $3.50, and $4.00.
Currently, the major indicators, gives no bullish signs and all are on the bearish side, which is abcking the bearish angle of the price performance forecast on the daily chart. The MACD with bearish cross is at 0.016, and RSI is beneath 50 level and stands at 44.92.
