KuCoin Token Spikes Over 15% on KCS Whitepaper Release: Why Could KCS See Liftoff?

Table of Content

  • Introduction
  • KuCoin Token (KCS): Explained
  • KuCoin (KCS/USDT) Technical Outlook
    • KuCoin Token Price Analysis – Daily Chart
    • KuCoin Token Price Analysis – Weekly Chart
  • Final Thoughts

Introduction

KuCoin’s native token, KCS, is on a bullish run, trading above the $20 support level against the Tether (USDT). KCS must break through $22 to begin a new upward trend in the near term. The majority of the uptrend in KuCoin price is driven in conjunction by the release of the KCS whitepaper by the KCS Management Foundation and the KCC. It is a decentralized public chain created by the KuCoin fan community and KCS fan community.

Let’s go over the key points of the KCS Whitepaper to see why the KuCoin Token is gaining popularity. In addition, we will reveal the most recent technical analysis and future prospects for the KuCoin Token price.

KuCoin Token (KCS): Explained

The KuCoin Token, abbreviated KCS, was first issued as an ERC-20 token on the Ethereum blockchain in 2017 and was migrated to KCC in 2021. KCS is also the KCC ecosystem’s native token, with a total number of tokens in circulation of 200 million. Through measures such as repurchase and burning, the number will be reduced to 100 million. 

The KCS whitepaper also states that KCS will develop a payment system and a Web 3.0 ecosystem to support KuCoin’s Web 3.0 strategy, by investigating and implementing the following areas: DIDs, NFT ownership rights, management and transactions, and the development of a metaverse network platform.

Refer to the KuCoin blog post for more details about KCS Whitepaper and the 20 million KCS Burn.

KuCoin (KCS/USDT) Technical Outlook

KuCoin exchange’s native token, KCS, is on a bullish streak this week, thanks in part to the publication of the KCS whitepaper. KCS/USDT is currently trading with a bullish bias at $21.20, and there is still significant upside potential. This section will look at the daily and weekly time frames and provide an analysis of the KCS/USDT trading pair. 

KuCoin Token Price Analysis – Daily Chart

Beginning with the daily chart, the KuCoin Token formed an ascending triangle pattern, which extended strong resistance at the $20.85 level. Ascending triangle patterns have a proclivity to break on the bullish side. As a result, crypto traders have reacted in the same way. The KCS/USDT has already broken through the $20.85 resistance level, which was extended by a triple top and ascending triangle pattern. This resistance level has flipped to support, and that’s the reason the KuCoin token is now moving north. 

On the upside, the $23.60 level serves as immediate resistance for the KCS/USDT coins. Given recent developments on the KuCoin exchange, a surge in demand could push the coin past the $23.60 level and up to the $27.60 resistance level in the coming days. 

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KCS/USDT Chart on the Daily Timeframe | Source: KuCoin

The leading technical indicators, such as the RSI and MACD, show that the KCS has a strong bullish bias. The MACD (moving average convergence divergence) has crossed above 0, and histograms in the buying zone have formed. Similarly, the RSI (relative strength index) is hovering around 68. Both indicators point to an upward trend in the KCS/USDT trading pair. The 20 and 50 EMA (exponential moving averages), on the other hand, are also in favor of the uptrend.

Having said that, the daily time frame indicates a strong bullish trend, particularly above the $21.20 support zone. If the KCS coin falls below $21.20, the upward trendline will extend to its next support level, which is at $19.50. 

On the bearish side, the triple bottom pattern has the potential to extend major support at $17.70.

KuCoin Token Price Analysis – Weekly Chart

Aside from the KuCoin Token’s daily chart, the weekly time frame also shows a strong bullish trend. The KuCoin token has completed a Fibonacci retracement of 61.8 percent at $16.70, and the formation of a Doji candle right above this level indicates that bears have been exhausted and that buyers will soon dominate the market. That is precisely what happened with the KuCoin Token. A “three white soldiers,” a bullish candlestick pattern, is forming on KCS. This pattern usually signals the continuation of an uptrend.

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KCS/USDT Chart on the Weekly Timeframe | Source: KuCoin

The weekly MACD is still below the middle point of 0 and you can see that the bearish histograms are shrinking and may soon enter the buy zone. The RSI, on the other hand, is already above 50, indicating an uptrend.

Upon a bullish crossover of $22, the KCS/USDT token may face weekly resistance near $24.04 and $29.03. The break above this exposes the KCS/USDT price towards $33. It appears that now is a good time to buy KuCoin tokens in order to benefit both in the short and long term.

Final Thoughts

The release of the KCS Whitepaper has increased the popularity and demand for the KCS coin. KuCoin traders seem to be greatly influenced, and they appear content to invest in and hold KCS for the long term amid a slew of expected developments.

Alongside, Technical analysis is playing a significant role in the KCS/USDT uptrend. All of the technical analysis indicators are pointing to an increase in price. Technical traders are watching the KCS price charts, and the momentum indicator is signaling a bullish trend. The 20 and 50 period moving averages on the KuCoin platform are supporting a potential buying trend.

Investors are predicted to be confident in the company and their investment because KuCoin is a fast-growing cryptocurrency exchange. There is still a lot of optimism about the crypto market, which could help the price of KCS.

To summarize, fundamental and technical analysis support the KuCoin token’s uptrend, suggesting that it may be a good investment opportunity for both short-term and long-term traders.

 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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