The cryptocurrency market has been stagnant for the past few days, but some coins have been performing well, including the KuCoin token.
The broader cryptocurrency has been stagnant over the weekend, with Bitcoin staying above the $65k level. However, some cryptocurrencies have been performing excellently during that period.
KuCoin token (KCS) is one of the top performers in the market at the moment. KCS is up by more than 8% over the past 24 hours and is trading above the $26 mark. This latest development comes after KCS surpassed the $23 resistance level.
The rally was fueled by KuCoin’s listing of Shiba Inu (SHIB) last week. Shiba Inu is one of the leading cryptocurrencies in the world and has gained large followership within the crypto space. KuCoin’s CEO Johnny Lyu revealed that SHIB’s trading volume had surpassed that of bitcoin for at least three consecutive days on its trading platform.
He recommended that SHIB is worth holding over the long term despite the cryptocurrency’s recent price correction.
Key levels to watch
The KCS/USDT 4-hour chart is currently bullish after the cryptocurrency’s recent performance. At press time, KCS is trading at $26.38 per coin, up by more than 8% over the past 24 hours. The RSI of 66 shows KCS is close to the overbought sector. Furthermore, its MACD is above the bullish zone.
With the technical indicators showing that KCS is bullish at the moment, the cryptocurrency’s price could soar higher over the coming hours. If it maintains its current bullish momentum, then KCS could make a move towards the $30 resistance level over the next few hours.
In the event of an extended rally, KCS could top the $33 over the coming hours. However, it would need the support of the broader cryptocurrency market to rally higher. On the flip side, KCS could slightly retrace towards the $23 support level if the bears gain control. Unless there is a massive sell-off, KCS should defend the $20 support level over the next few hours.