The Kucoin token price jumped to an all-time high as demand for the coin jumped. The KCS coin price jumped to an all-time high of 22.32 USDT, meaning that it has risen by more than 145% from its lowest level since September 21. This brings its market capitalisation to more than $1.7 billion.
What is the KCS?
KuCoin is one of the biggest cryptocurrency exchanges in the world. The Chinese company has managed to have more than 848 million accumulated trades in its existence.
It has handled cryptocurrencies with a volume of more than $613 billion over the years. In the past 24 hours, KuCoin has had a total volume of more than $3 billion, which is slightly below that of Huobi and Coinbase.
The KuCoin Token, also known as the KuCoin Shares, is a cryptocurrency issued by the company. It has a supply cap of 200 million coins. The coin is mainly used in KuCoin’s ecosystem to reward its users. It is also used to earn returns through staking. KCS is similar to several other cryptocurrencies issued by exchanges like FTX and Huobi.
The KuCoin token price is rising because of the strong demand for cryptocurrencies as most of them see strong demand. It tends to do well when there is more volume of other cryptocurrencies. It is also rising because of the rising momentum as its demand rises.
KuCoin price prediction
The four-hour chart shows that the KuCoin shares price has been in a strong bullish trend in the past few weeks. The bullish trend accelerated when it did a break and retest pattern at around $15 in the final week of October. After rising above this level, the price managed to retest its support. In most cases, a break and retest pattern is usually a bullish signal.
Today, the KuCoin price is above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has surged to the highest level in weeks. Notably, its bullish trend is gaining momentum.
Therefore, for now, the KCS price will keep rising as bulls target the next key resistance at $25. However, later this week, we can’t rule out a situation where the price retreats as bulls start to take profit.