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Cryptocurrency

KuCoin price has nosedived. Should you buy the KCS dip?

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The KuCoin Token value declined sharply through the American session on Friday. The token slipped to a session low of $19.34, which was its lowest degree since March twenty eighth this yr. KCS has declined by greater than 12% from its YTD excessive, bringing its whole market cap to over $1.4 billion.

Is KCS a very good purchase?

KuCoin is likely one of the largest corporations within the cryptocurrency business. The agency runs a preferred trade that handles billions of {dollars} daily.

Like different corporations within the business, KuCoin has launched its private token often known as KCS, which is used to incentivize utilization of the platform. Holders of the coin often obtain a reduction every time they use it to commerce.

The KuCoin value has held higher than different cryptocurrencies up to now few weeks. This efficiency is generally due to the funds that the corporate raised final week. The agency raised $150 million from a gaggle of buyers comparable to Bounce Buying and selling, Circle Ventures, and Matrix Companions. It valued the agency at $10 billion.

The brand new funding spherical was shocking for 2 principal causes. First, many enterprise capital corporations are struggling as the worth of their holdings have fallen. For instance, Tiger World and Softbank have misplaced nearly $50 billion mixed this yr. 

Learn our complete evaluate of KuCoin right here.

Second, the spherical was shocking because the crypto business is struggling because it was evidenced in the newest outcomes by Coinbase. The agency misplaced over $400 million within the first quarter. Worse, its market cap has dropped to about $14 billion as a publicly-traded firm. At its peak, it was valued at over $75 billion.

KuCoin intends to make use of the funds to broaden its enterprise to different sectors like Web3. This may embody constructing decentralized exchanges, video games, and different merchandise.

KuCoin token value prediction

Turning to the four-hour chart, we see that the KCS value diverged from different cryptocurrency costs. On the four-hour chart, the coin shaped a cup and deal with sample that’s proven in black. It has now pulled again and moved sharply beneath the higher a part of the sample. 

It has additionally moved barely beneath the 25-day and 50-day transferring averages whereas the Relative Energy Index has moved beneath the oversold degree. Subsequently, the sell-off will seemingly proceed as sellers goal the important thing assist at $18. 


by way of Cointojournal

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