Kusama Price Projection: Downtrend In KSM, A Beginning?

Kusama price plunged from the resistance of $570.0
  • Kusama price plunged from $568.0 to $477.30 on Thursday’s trading session
  • The 24-hour volume in KSM is at $724,408,009 with a 78.67% increase
  • The KSM/BTC pair was trading at 0.008072 BTC with a loss of 12.53%

The 4-hour technical chart highlights Kusama is in a downtrend. According to pivot points, KSM’s critical support levels are placed at $466.80 and $413.80. Whereas if it moves up, the key resistance level to watch is $570.0. While diving into the weekly chart of a 4-hour time-frame, it completes a bearish spinning top candlestick pattern representing bearish reversal with low reliability.

EMA-(8,13,21,55) acts as another strong support in the coin. EMA-8 (blue) intersects below EMA-13 & 21 (green & yellow), which projects the beginning of a bearish trend. The price also slips below EMA-55 (red). Investors may perceive a negative crossover in the EMA, and the price will also follow a negative trend.

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RSI indicator (BEARISH), with a value of 40, indicates a sell signal in the coin. Moreover, Investors can see a downward slope from 62 to 40 in the index, and it may plunge in future trading sessions.

The volume of (28.25K) represents a buying volume which is above the Volume MA (23.54K) of 20-days. High buying pressure is required in KSM to drive its price to higher levels.

Kusama Price Plunged 12.38% On Daily Timeframe

Kusama price traded at $477.30 with a loss of 12.38% in the last 24-hour and 14.20% up in the weekly time-frame. Furthermore, Kusama price plunged from the resistance of $570.0. In contrast, the market capitalization stands at $4.02 billion. Technically, investors can perceive a negative crossover in EMA, and the price drops below the 55-EMA. RSI index showcases a downward slope. Moreover, the price movement can be towards the support of $466.80 in future trading sessions.

Resistance: $570.0

Support: $466.80

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Nikhil Ingolehttp://themarketperiodical.com
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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