The biggest rise in the top 100 over the past day, the KuCoin token seems to have regained some color for over a week. At the point of reaching its highest historical level recorded in early 2018? Possible for some analysts and specialists of the cryptocurrency market over a medium-term horizon.
What is the KuCoin Project?
The KuCoin project revolves around a platform. The KuCoin platform is indeed a cryptocurrency exchange. Like other platforms like Binance or Coinbase, this is a centralized exchange platform. This platform, based in Hong Kong, has been present in the markets since 2017.
The KuCoin Token (KCS) is the governance token of the solution deployed by KuCoin. The holding of this token by users of the platform allows them to benefit from reduced transaction costs and receive a portion of the company's profits. Currently, 80 million KCS tokens are in circulation. For a maximum global supply of 170 million tokens.
Good to know : According to data from CoinMarketCap, the centralized exchange KuCoin is the sixth most reliable in the world. To establish this ranking, CoinMarketCap uses many parameters such as traffic, average liquidity or the reliability of the data provided by the exchange.
A look back at the recent development of the KuCoin token
Over the past 24 hours, this is the top 100 project that has seen the biggest increase: + 31% at the time of writing. Over the last 7 days the increase has even reached 48%.
The following graphic, visible on the CoinMarketCap platform allows you to see the evolution of the token price since the beginning of the year:
A graph that allows you to visualize the strong uptrend of the last few days but also the high volatility of the token. After flirting with the $ 20 per unit mark on April 12, the token fell back below the $ 5 mark on May 23. A trend driven in particular by the price of Bitcoin which fell sharply in May and brought with it the entire cryptocurrency market.
Good to know : In terms of market capitalization, the project is currently valued at $ 890 million. Making KuCoin the seventy-eighth largest crypto project.
Will the Rise be Sustainable?
It is difficult to see impossible to answer this question categorically. For a number of observers, the ATH recorded in January 2018 could be a reasonable price target in the medium term. All the more so, if KuCoin were to sustainably maintain itself among the top 100 crypto projects in the world.
According to the forecasts of WalletInvestor, the price of the token could double within 12 months. With a price forecast of 24 dollars a unit for July 2022. On the side of TradingBeasts, we are betting above all on a correction of the price by the end of the year. They predicted a token could trade for just under $ 10 by the end of August and slightly more ($ 10.31) by the end of the year. In an estimated price range of 8.80 to 12.90 USD. According to them, it is not until June 2022 that the token will exceed its current level. After this date, the outlook looks more positive.
Over a short-term horizon, technical analysis tools will make it easier to make a decision. In the longer term, the solution proposed by KuCoin obviously seems viable and its market very buoyant. However, competition in the field is fierce, with centralized exchanges like Binance or Coinbase but also with decentralized platforms like Uniswap.