Blog

KuCoin token (KCS/USD) was amongst a handful of cryptocurrencies that posted double-digit beneficial properties on Monday. With a surge of about 20%, the token was solely rivalled by the Trust Wallet Token within the high 100 checklist by market cap. The coin is native to the KuCoin crypto trade.

KuCoin claims to be the world’s largest social buying and selling platform. The trade lists over 20 million world buyers and greater than 1 trillion USD collected buying and selling quantity. Over 700 cash can be found on the platform.

While KCS traded at a excessive of $28 in November 2021, it has come crashing this yr. The token trades at simply $7.9. That’s a drop of greater than 70%. The decline continues to be beneficial in comparison with some cryptocurrencies, which have misplaced no less than 90% of their worth from their all-time highs.

The beneficial properties in KCS occur regardless that confidence ranges on crypto exchanges stay low. In gentle of the issues, KuCoin assured customers of the protection of their funds. The firm mentioned it was engaged on the Merkle-tree proof-of-reserves as an accountability measure. Should the most recent value soar reignite hope for additional recoveries of KCS?

KuCoin token slowing down after assembly resistance

Source – TradingView

The newest value soar takes the KuCoin token close to a resistance at $8.69. The token has slowed down close to the resistance zone. 

The MACD indicator stays deep within the bear zone. Although momentum is weak, the severity has lessened following the intra-day beneficial properties. 

Should you purchase KCS?

The intraday beneficial properties are optimistic for KCS, provided that they arrive when cryptocurrencies are beneath strain. However, the momentum may very well be unsustainable, given the inherent dangers and $8.69 resistance. If you’re shopping for KCS now, you need to be prepared for potential extended consolidation.

Where to purchase KCS

As KCS is such a new asset, it is but to be listed on main exchanges. You can nonetheless buy KCS utilizing a DEX (decentralised trade) although, which simply means there are a few additional steps. To purchase KCS proper now, comply with these steps:

1. Buy ETH on a regulated trade or dealer, like eToro ›

We counsel eToro as a result of it is one of many world’s main multi-asset buying and selling platforms, an trade and pockets all-in-one with a few of the lowest charges within the business. It’s additionally beginner-friendly, and has extra cost strategies accessible to customers than another accessible service.

2. Send your ETH to a appropriate pockets like Trust Wallet or MetaMask

You’ll have to create your pockets, seize your handle, and ship your cash there.

3. Connect your pockets to the 1Inch DEX

Head to 1Inch, and ‘join’ your pockets to it.

4. You can now swap your ETH for KCS

Now that you just’re related, you’ll swap for 100s of cash together with KCS.