The KuCoin Token price has been in a strong bullish trend in the past few days. The KCS price is trading at an all-time high of 26.52 USDT. It has risen by more than 520% from its lowest level in May this year, bringing its total market capitalization to more than $2 billion.
What is the KuCoin Token?
KuCoin is one of the largest cryptocurrency exchanges in the world. In the past 24 hours alone, KuCoin has transacted cryptocurrencies worth more than $4.2 billion. The exchange is backed by some of the world’s best-known names including Tencent and Opera.
KuCoin Token is the native coin for the exchange. It was launched in 2017 to help support the ecosystem. It is an ERC token that runs on Ethereum’s blockchain. Its main role is to provide more incentives for customers using its platform.
For example, people who hold at least 6 KCS become eligible for a daily bonus. This bonus comes from 50% of the daily KuCoin’s fee revenue. The coin has a burn mechanism that reduces the total supply.
Also, users in the network can pay fees using the network. The KuCoin token is relatively similar to other exchange coins like Huobi Token.
The Kucoin Token price has done relatively well recently because of the rising demand for cryptocurrencies. The company has also seen elevated volume. Also, investors are excited about the platform’s roadmap that is shown below.
The daily chart shows that the KCS price found a strong resistance at around 15 USDT. It struggled to move above this level several times since May this year. This price action changed in October when it managed to move above this level.
Today, the coin is being supported by the 25-day and 50-day moving averages while the MACD has continued its bullish rally.
Therefore, the coin will likely keep rising as bulls target the next key resistance level at 30 USDT. The bullish rally will continue as long as it is above the two moving averages.