Amidst the recent SEC crackdown on various cryptocurrency exchanges, KuCoin, a prominent player in the industry, has found itself in the spotlight. The exchange’s native token, KuCoin Token (KCS), is making noteworthy strides on Friday, establishing itself as the top gainer of the day with an impressive 14% increase.
In a recent development, KuCoin has introduced IMVU (VCORE) as the 26th project to be featured in its esteemed KuCoin Spotlight token sale. Commencing today, this initiative, known as KuCoin Spotlight, serves as a platform to showcase the most promising crypto projects, enabling users to contribute to their growth by acquiring tokens in advance.
The ongoing token sale is expected to inject fresh momentum into the price of KuCoin Token (KCS), especially during a period of market decline. As a result, KCS is currently being traded at $6.94, showcasing an impressive overnight gain of 14%.
It’s worth noting that KCS faced a setback last week, experiencing a decline of 19.56%. However, in an intriguing turn of events, the token has managed to stage a recovery of nearly 17.7% within the current week.
KCS Price Bounce Back Above 20-SMA, Ideal Time to Buy?
Following its recent dip, the KCS token witnessed a significant recovery this week, bouncing back from its annual low of $5.91. This level has now emerged as a crucial support, reinforced by a notable surge in trading volume of over 280% within a single night, amounting to $6 million. Consequently, the Super Trend indicator has begun to exhibit a bullish stance, indicating a positive sentiment among traders and investors.
The buyers have regained control as the price of KCS has risen above the 20-day simple moving average. This bullish signal has the potential to act as a catalyst, propelling the altcoin towards its next hurdle, the 50-day simple moving average or the resistance zone at $7.2.
In addition, the Relative Strength Index (RSI) is showing an upward trend, reaching higher levels and currently residing within the range of 52. This indicates favorable conditions and suggests a positive sentiment in the market.