Amid 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 notable gains on Friday, establishing itself as the day's top gainer with an impressive 14% rise.
In a recent development, KuCoin has featured IMVU (VCORE) as the 26th project to be featured in its estimated KuCoin Spotlight token sale. Starting today, this initiative, known as KuCoin Spotlight, serves as a platform to showcase the most promising crypto projects, allowing users to contribute to their growth by purchasing tokens up front.
The ongoing token sale is expected to inject further momentum into the KuCoin (KCS) token price, especially during a period of market downturn. As a result, KCS is currently trading at $6.94, showing an impressive 14% overnight gain.
It's worth noting that KCS faced a setback last week, experiencing a 19.56% drop. However, in an intriguing turn of events, the token has achieved a nearly 17.7% rally in the current week.
KCS Price Rebounds Above 20-SMA, Ideal Time to Buy?
Fountain: commercial view
Following its recent slide, the KCS token witnessed a significant rally this week, recovering from its yearly low of $5.91. This level has now become crucial support, bolstered by a remarkable increase in trading volume of over 280% in a single night, amounting to $6 million. Consequently, the Super Trend indicator has started to exhibit a bullish stance, indicating positive sentiment among traders and investors.
Fountain: commercial view
Buyers have regained control as the price of KCS has rallied above the 20-day SMA. This bullish sign has the potential to act as a catalyst, driving the altcoin towards its next hurdle, the 50-day simple moving average or the resistance zone at $7.2.
Also, the Relative Strength Index (RSI) is trending higher, reaching higher levels and is currently within the 52 range. This indicates favorable conditions and suggests positive sentiment in the market.
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