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- 1 The daily transactional volume of the KCS token has declined and is near 10000
- 2 KCS token has been seeing a weak recovery in the asset price. It has seen a drop of 1.17% in the intraday session.
KuCoin Token (KCS) is a cryptocurrency native to the KuCoin exchange platform which is one of the leading global cryptocurrency exchanges. The KCS was launched in 2017 as a profit-sharing token that allows traders to draw value from the exchange. The token also serves as a unique way to earn passive income by earning a small percentage of the platform’s trading revenue. The token is supported by various Ethereum wallets. The token also offers a reduced trading fee on the exchange. Kucoin also conducts regular token burns which reduces the supply and increases the value.
The average transactional volume of the KCS is around 9500. Meanwhile, the mining reward for each KCS is around $20 and sometimes observes a peak of $40. The average transaction fee of the KuCoin token is nearly $0.0025, which is very less compared to other blockchains. The daily active users on the platform have also seen a decline from a high of 7885 to a low of 1500.
KCS has a market cap of $644 Million and is ranked 62nd in the CMC. The volume of the asset price has seen a drop of 40% in the intraday session. The volume-to-market cap ratio of KCS suggests a weak consolidated trend.
Is KCS Price Ready For a Strong Rebound?
KuCoin token price has been in a weak bearish trend on the weekly chart. On the daily chart, it has been moving in an upside recovery but has halted near a crucial level. KCS is currently trading near the value of $6.6, with a small gain in the intraday session. The upside trend of KCS price can see a halt near the value of $8. Meanwhile, the support of the coin price can be seen near $6. The asset price is trading below the 50 and 100 Daily Moving Averages. If the price jumps above the threshold, then a strong upside trend in the future can be seen.
The RSI of KCS is near 47, suggesting its presence in the neutral zone. There is a weak upside slope in it, hinting towards a recovery in price.
Summary
KuCoin has been seeing no significant changes in the transactional volume or user activity. KCS token price is currently in a recovery mode and can see a new high in the future.
Technical Levels
Major Support:$6
Major Resistance:$8
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
