Key Takeaways:
- On Oct 19, Crypto exchange Kucoin announced listing of four tokens on its platform.
- KuCoin’s native token, KCS, jumped 9.69% reacting to the announcement.
NEW DELHI (CoinChapter.com) — KCS, the native token of crypto exchange KuCoin, has gained the 24.36% in the last seven days, outperforming all other cryptocurrencies.
The gains come on the back of several new token listings on the exchange, even as the overall crypto market cap peaked above $2.5 trillion. As such, the listings combined with the overall rise of the crypto market buoyed KCS prices on Tuesday. The KuCoin token jumped from a low of $12.85, gaining 9.69% to register the day’s high of $14.100.
The Singapore-based crypto exchange gained popularity due to low trading fees and the availability of a wide range of altcoins. KuCoin currently has a market cap of $1.1 billion, with a circulating supply of 80,118,638.00 KCS. Unlike other crypto exchanges, KuCoin allows traders to stake KCS to gain rewards.
The exchange announced the listing of four new tokens on its platform this week, starting with Reef (REEF). The announcement stated the exchange would support REEF/USDT and REEF/BTC trading pairs. In detail, Reef is a Polkadot-based DeFi platform for cross-chain trading.
On Tuesday, Tidal Finance, a multi-chain flexible insurance platform launched on Polygon, was listed on KuCoin’s trading platform. The insurance platform’s native token, TIDAL, would be available for trading as TIDAL/USDT pair. Along with TIDAL, KuCoin also listed INJ, the native token of Injective Protocol.
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INJ, a digital asset used for governance, liquidity mining, and staking, would be available trading against USDT and BTC. Cross-platform NFT ecosystem Terra Virtua also found a place in KuCoin’s stable. The project’s native token, Terra Virtua Kolect (TVK), would support two trading pairs- TVK/USDT and TVK/BTC.
The increasing number of tokens on KuCoin’s platform is beneficial for KCS, as traders use the token to pay fees and participate in events. However, out of the original 200 million KCS, the exchange’s burn protocols plan to reduce the supply to 100 million KCS.
KCS Price Charts
The KuCoin token gained 37.80% this month, recovering from Sept’s bear run that saw it end the month down by 24%. At present, KCS is enjoying a bullish uptrend, with bulls trying to recover losses from Sept 7’s flash crash. Tuesday’s gains further pushed the prices towards KCS’s immediate resistance at $14.37.
KuCoin has struggled to hold above $14 after falling below it on May 5. However, if bulls conquer immediate resistance and consolidate above it, it would indicate the beginning of a sustained rally, causing prices to rise due to increased buying pressure from traders.
Once that happens, KCS’s next test would be at the next resistance of $15.136, from where it fell on May 4. After that, resistance at $16.10 would likely cap any further bullish movements, though the move would bring KCS prices to a level last seen before Apr 15.
In case of a downtrend, bulls would try to consolidate above immediate support at $12.60. If the immediate support fails, it might trigger a sell-off that would further lower the prices. Moreover, the 50-day MA and 26-Day have formed a support confluence for the KuCoin token at $11.80.
The 200-day MA line also provides support for KCS near $10.96. So, for now, the KuCoin token is bullish across all horizons.
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Meanwhile, the strong bullish tailwinds ensured the MACD line (difference between 12-day and 26-day EMA) continued to stay above its signal line (9-day EMA of MACD). As a result, the MACD histogram, which plots the difference between the two MACD trendlines, plots green candles on the daily chart.
The difference between the two MACD trendlines defines the strength of an asset’s bullish or bearish momentum. From the MACD histogram, it seems KuCoin’s bullish momentum would take some time to wear down. However, the relative strength index for KCS is dangerously close to the overbought level, clocking 68.71 on the daily charts.
An RSI above 70 indicates an asset is overbought and primed for a trend reversal. At the time of writing, KCS was trading at $13.396, up 8.21% on the day.
