KuCoin price jumps over 18% as crypto markets rebound
KuCoin (KCS) has emerged as one of the top gainers in the last 24 hours, with an 18% price surge. Meanwhile, the global crypto markets begin a slow recovery following the bloodbath triggered by the US Securities and Exchange Commission’s (SEC) recent enforcement actions against market participants.
The price of bitcoin (BTC), ethereum (ETH), and other cryptocurrencies have posted decent gains in the last 24 hours, suggesting investor confidence may gradually return to the space following the crazy bloodbaths witnessed in recent weeks.
Gary Gensler’s SEC took legal actions against Changpeng Zhao’s Binance and Coinbase earlier this month, triggering renewed fear, uncertainty, and doubt (FUD) across the industry.
However, BTC and altcoins are now showing signs of recovery, a resurgence partly attributable to BlackRock’s impending launch of its bitcoin exchange-traded fund (ETF). BlackRock is one of the world’s largest asset management firms, with a massive $9 trillion in assets under management (AUM).
KCS, the native cryptocurrency of KuCoin, the world’s 4th-largest cryptocurrency exchange per trading volume, has emerged as one of the top gainers in the last 24 hours. At the time of writing, KCS is up by 17%, rising from the weekly close of $5.87 to over $7.17. This represents a 6.2% increase in the weekly timeframe.
With a circulating supply of 97 million, the market capitalization of KCS stands at $693,168,402, according to CoinGecko.
The Relative Strength Index (RSI) on the daily timeframe shows a value of 69.3, indicating that KCS could be approaching an overbought level. The support level of KCS is currently at $5.8, with a resistance level of $10.5.