KuCoin Token Price Down By 11.82% – Time To Buy KCS?
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Proprietary coins have grown exponentially this year. Case in point is Binance Coin (BNB) which surged more than 5,000% in the last six months.
KuCoin Token is one of such exciting coins which has seen a significant increase, attracting investors who want to buy KCS.
KuCoin (KCS) is the native token of KuCoin, one of the major cryptocurrency exchanges.
With the KuCoin exchange seeing improvements and adoption lately, the KCS token is undoubtedly poised for growth.
The KCS token has been down in the last 24 hours, as the price fell alongside other digital assets across the market. Let’s see if the time is right to buy KCS or not.
KCS: Fuel For The KuCoin Exchange
KCS, formally as KuCoin Shares, is a profit-sharing token that allows its holders to get passive income. It was launched back in 2017 to allow traders to draw value from the KuCoin exchange.
Initially launched as an ERC-20 token, KCS could be transferred into any wallet compatible with Ethereum.
KuCoin uses the KCS token to pay holders just like traditional stock dividend payments. The difference is in the payment periods. KuCoin pays KCS holders more than 6 KCS daily. This is derived from 50% of the exchange’s daily trading fee revenue.
Aside from being paid out as a dividend, KCS is used to pay for trading fees on the KuCoin Exchange. KCS holders also enjoy trading discounts up to 80% on all their trading activities.
In addition to being a governance token, KCS would be the native asset of KuCoin’s decentralized exchange (DEX) and the KuChain once they go live.
The KuCoin exchange is a global cryptocurrency exchange with over 350 digital assets. The platform provides services such as Spot trading, Margin trading, P2P fiat trading, Futures trading, Staking, and Lending. It was originally co-founded by a group of blockchain enthusiasts.
KuCoin is headquartered in Singapore and has over 8 million users in 207 countries and regions across the world. The exchange secured its first series funding round of $20 million in 2018. According to CoinMarketCap, KuCoin is currently the fifth biggest crypto exchange by trading volume.
67% of all retail investor accounts lose money when trading CFDs with this provider
KCS Price In The Bear Market
With a current price peg of $11.05, KCS is down by 11.82% on the daily trading chart. This should encourage investors who want to buy KCS at a low price.
KCS is the 72nd-largest cryptocurrency with a market cap of over $876 million. The coin started the year at a price as low as $0.6 but soon picked up after that.
On February 21st, KCS hit $6.52 after struggling in the $3 range for a while. The ERC-20 token hit a major record height this year on April 11th, when it reached $18.78. This price was short-lived as it dipped to $14.9 at the start of May and slumped further by the end of the month to $6.48.
KCS has not been able to attain its previous all-time high of $21.14 in 2018.
KCS Technicals And Fundamental Analysis
The KCS price may strengthen and go upwards in the upcoming days as seen by the indicators on the technical chart. The price of the token is currently trading above the 20-day and 200-day moving average.
The 200 MA line is at $10.94 while the 20 MA is at $11.02 making it a temporary bounce back region for the price.
The cryptocurrency’s relative strength index (RSI) on the charts is at 45.83. This signals that the asset is above the oversold margin so now might be the time to buy KCS.
A few weeks back the KuCoin Exchange launched its KuCoin Community Chain (KCC) on its mainnet. The KCC will allow low-cost migration of decentralized applications (DApps) and tokens from Ethereum.
According to KuCoin, KCC aims to provide users with a ‘faster, more convenient and low-cost experience.
Through the newly introduced Proof of Staked Authority (PoSA), KCC features high throughput, low latency, low transaction cost, and satisfactory security and stability. The KCS is used as the fuel for KCC to reduce transaction costs.
Meanwhile, the KuCoin exchange has been listing new assets on its platform. The latest cryptocurrency to launch on KuCoin is decentralized finance aggregator OpenOcean (OOE).
