KCS/USDT BUY | S6T3 | Team Trading Contest Post for Reminane
Hi Professor @nane15, I am @ononiwujoel one of your students in Crypto Academy and a member of the steemit platform. I'll be participating in the crypto Academy competition as a member of your group Reminane this week.
For today's submission I'll be analysing and Trading with KCS cryptocurrency.
Introduction to Kucoin (KCS) Cryptocurrency
KCS is the native token of Kucoin ecosystem. Kucoin boasts of one of the largest crypto exchanges rated #5 among crypto exchanges on coinmarketcap. Kucoin exchange has one of the widest lists of quality crypto assets and is available in more than 100 countries worldwide. KCS token enables traders to earn value from the exchange as well as for transaction costs and liquidity in the exchange.
KCS was initially launched as an ERC-20 token running on the Ethereum blockchain most Ethereum powered wallets and remains a great choice for passive income as holders of up to 6 KCS tokens are entitled to KCS bonus daily depending on the amount of KCS tokens held. This bonus is given from a percentage of the revenue gotten from trading fees in the exchange daily.
KCS uses standard encryption protocol to secure its network, so there is high level of anonymity and privacy since it is impossible to see transactions of users. It also uses multi-layer/multi-cluster structure that is capable of handling several transactions simultaneously thereby improving speed and stability in the network.
Although Kucoin was launched in September 2017 it was actually founded earlier in 2013 and its co-founders includes; Michael Gan who is the CEO, Eric Don who is the COO, Jack ZHU (marketing director), John Lee (president of business operations), Kent Li (operations and maintenance director), Linda Lin (chief legal consultant) and Top Lan (CTO).
KCS ICO was held from 15th August, 2017 to 1st September, 2017 on Kucoin Exchange where the coin was traded at $0.258 to raise funds for the project.
KCS currently ranks #66 on coinmarketcap with a Market capitalization of $1,529,288,451.77, 24hr trading volume of $7,954,375.31, Market dominance of 0.08%, circulating supply of 80,118,638 KCS and a total supply of 170,118,638 KCS.
KCS Markets
The major market for KCS is the Kucoin Exchange where there are several pairs traded with the token, however KCS can also be traded in Uniswap, ProBit Global and AscendEx platforms.
Why are you bullish on this token today and how long do you think it can rise?
Anyone familiar with KCS will likely be bullish on it because it offers stability to large extent and encourages holding for passive income. Moreover this token also has a strong market and community support which helps in sustaining its value and there are also several projects ongoing and futuristic in Kucoin which are bound to make it even more attractive and valuable.
It is also important to consider that KCS was traded as low as two cents ($0.26) during its Initial Coin Offering and also has a record of $0.336 in 2019 but today trades around $19 to $20 making it 5572.39% growth.
Moreover the information on KCS charts today shows over 2% growth in 24hrs so I'm very positive about this token
We have a KCS/USDT chart above with a 1hr time frame and we can observe the asset has broken into a strong bullish trend recording higher highs and higher lows in a way that shows there is voluminous trade orders in the interactions between buyers and sellers and there are obviously greater numbers of buyers in the market. We also observe with the EMA lines serving as dynamic support lines to the price that the bullish is still strong and a good time for trade entry.
Technical Analysis and Trading with KCS cryptocurrency
In this section I'll be using price action and some technical indicators to analyse this asset on different timeframes in TradingView platform and then use my Kucoin Exchange account for the trade execution.
1 Day Timeframe
The chart above gives us KCS/USDT currency pair on a 1 day timeframe. We have 20 EMA, 50 EMA and MACD indicators set up in the chart for technical analysis. We can observe that the market had a strong bullish trend earlier which then weakened and entered a ranging phase with several retracements but towards the end of the price movement our EMAs made a cross and moved towards the dynamic support zone. The MACD indicator below signals a bullish market by crossing the second line and both line moving under the price while showing bullish candles so there is obviously bullish signs in the market and a good buy trade opportunity.
1 hour Timeframe
In the KCS/USDT chart above we can observe that the ranging market has broken into strong bullish trend and is now showing higher highs and higher lows as well as long bullish candles. The 20 EMA has also crossed above the 50 EMA which is a bullish trend reversal signal and the EMAs are running below the price serving as dynamic support lines which is a strong bullish signal as well.
The Accumulation/Distribution (A/D) Indicator below also confirms that the market is now controlled by the buyers and is on an Accumulation stage. So this asset is showing a good trade entry opportunity for a Buy Trade in this time frame as well.
4 hours Timeframe
On the KCS/USDT chart above we can observe almost same information from previous timeframes. The market has broken from a ranging phase into a bullish which is already gathering momentum as shown by the RSI indicator below which is moving above the midpoint (50) and we can also observe the price has crossed above the other line showing bullish signals.
The shorter EMA has also crossed the longer EMA to show bullish signal and both EMAs are now serving as support lines.
So both indicators and the chart agree that this is good time for a Buy Trade entry.
So I made my Buy trade entry at $19 with my stop loss at $18.5 and take profit at $20 thereby giving a Risk/Reward ratio of 1:2.
I'm using my Kucoin account to make this trade entry execution
Trade entry now made, history below
Your plan to keep it for a long time or when to sell it?
I actually have no plans of keeping this asset for a long time although I'll be regularly buying positions when there's a new bullish and selling them when a bearish trend begins. I'm also working on acquiring 10 KCS tokens in other to benefit from the daily incentive for holders of 6 KCS minimum but that plan is for another day.
So summary is I'll be holding as long as there's an uptrend and sell when there's a downtrend as a short-term trader for now.
Do you recommend everyone to buy? Give reasons for recommending or not recommending.
Yeah, I recommend KCS to every investor and crypto enthusiasts interested in buying a quality crypto asset especially for long term holders. KCS has been huge success so far and seen lots of growth in value over the past few years, KCS can also be held by investors to earn passive income from the dividends given to holders. Kucoin is still developing its network with several attractive features to be made including a decentralized trading solution which will also use KCS as its native token. KCS also have an impressive market and community working with it so this is a great asset for investors.
Conclusion
KCS is an ERC-20 token that serves as the native coin of Kucoin ecosystem and is used as for transaction costs and profit taking in Kucoin exchange which is among the top rated crypto exchanges on coinmarketcap. KCS is also known for its privacy oriented security known as standard encryption protocol which enables transactions and data of users inaccessible to everyone so this is a great option for anonymous traders seeking privacy.
Generally KCS has been impressive so far and it's exchange Kucoin exchange is also a great platform with good speed, low costs, privacy and a passive income scheme for holders.
It was interesting and challenging to some extent at the same time analysing and Trading with KCS token and do appreciate it.
Cc: Professor @nane15