Kusama Price Analysis: KSM Trading Towards Breakout, Bulls Hold or Held?

  • Kusama price is trading with bullish momentum in the consolidation phase on the daily price chart.
  • KSM crypto is trying to hold at 20 EMA and is still lagging the 50, 100 and 200 day daily moving average.
  • The KSM/BTC pair is at 0.002531 BTC with an intraday gain of 0.62%.

On the daily price chart, the Kusama price is trying to hold its position. The token attempts to maintain its position by gaining momentum. The KSM coin needs to accumulate buyers in order to maintain the current momentum of the uptrend to register its breakout from the consolidation phase. The token should hold on the upper trendline of the horizontal area bounded by the range. KSM bulls show up for token rescue. However, the trading volume means the bears are trying to pull the token and drag KSM towards the lower trendline. KSM consolidated in the price range of $44.50 and $58.90.

Kusama’s price is currently estimated at $51.53 and has gained 2.23% of its market capitalization in the last 24 hours. However, the trading volume decreased by 12.86% during the intraday trading session. This shows that KSM is facing short selling pressure on the chart. The volume to market capitalization ratio is 0.05701.

The price of KSM coins is trying to climb towards the upper trendline of the consolidation phase. The token needs to attract more buyers to break out of the bounded horizontal area. KSM bulls need to pile up to let the token soar above the daily price chart. However, the volume change can be seen below average and needs to grow for KSM to break free.

The lower support is at $44.50 and the upper resistance is at $58.90.

What do the technical indicators suggest on KSM?

On the daily price chart, the price of KSM coins had a chance to rise and regain its uptrend momentum. To keep its position within the bounds of the horizontal range, the token must muster the strength of the buyers. The technical indicators suggest the bullish momentum of the KSM coin.

The relative strength index showcases the uptrend momentum of the KSM coin. RSI is at 43 and heading towards neutrality. MACD features the sideways momentum of a KSM coin. The MACD line is ahead of the signal line. The MACD line approaches 0 to enter the positive zone.

Conclusion

On the daily price chart, the Kusama price is trying to hold its position. The token attempts to maintain its position by gaining momentum. The KSM coin needs to accumulate buyers in order to maintain the current momentum of the uptrend to register its breakout from the consolidation phase. The token should hold on the upper trendline of the horizontal area bounded by the range. KSM bulls need to pile up to let the token soar above the daily price chart. However, the volume change can be seen below average and needs to grow for KSM to break free. KSM bulls need to pile up to let the token soar above the daily price chart. However, the volume change can be seen below average and needs to grow for KSM to break free. The technical indicators suggest the bullish momentum of the KSM coin. The MACD line approaches 0 to enter the positive zone.

Technical level

Support Level: $44.50

Resistance Level: $58.90

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.

Garland K. Long