Home
News
- Kusama coin price increased 20% in the last two days, indicating an uptrend’s start.
- Kusama market capitalization has also increased 13%, along with a sudden increase in buying volume.
- The expected rise after a major breakout is around 20-25%.
Kusama coin has managed to find support near 0.236 Fibonacci level with the help of 20 EMA(blue) in the daily timeframe. The consecutive three green candlesticks do give a hint of an uptrend, but the small-bodied candles along with a huge wick in the latest one are not convincing enough. The price could reach the previous high again if it sustains above 0.236 Fibonacci level. The 50 ema (yellow) is above 100 EMA (white), implying the bulls are still active. The market capitalization of the KSM is $4,039,224,347 (+7.14%) and the 24-hour volume is $459,559,088 (+53.56%).
Will KSM reclaim the previous high?
KSM just broke the resistance trendline with a high green candlestick in the 4-hour timeframe, but a minor resistance zone is causing trouble for bulls; however, the breakout from this zone could take the price as high as $567, and the rejection could take it near $390 which is the immediate support level. KSM price is yet to give a proper retest for the breakout, leading to the possibility of a dip followed by a big up move. However, the minor resistance is fragile and could be taken down with just enough buying pressure.
The 50 EMA (yellow) is above the 200 EMA (white) in the 4-hour timeframe implying a continued uptrend. The price of Kusama is above the 50 EMA, which could be quite helpful against the resistance faced currently.
The Relative strength indicator is forming a double top and leading towards the overbought zone, indicating the bearish sentiment in the players
Conclusion
The breakout of the trendline is bullish news, but the immediate minor resistance could push the price back down. One must be cautious before entering early as the volatility is assumed to increase.
Support – $390 and the mentioned levels
Resistance – $567 and the mentioned immediate resistance zone
