- KSM token boosts 65% to break out of the descending triangle with a boost in volume.
- Currently, the coin price is trading just above the 20 EMA and forming some consolidation, implying that the coin is gearing up for some big moves.
- The KSM/BTC pair is trading at 0.007669 with hardly any intraday move.
Kusama token price is ready to move higher with the recent 65% boost in price resulting in the breakout. The coin price is forming indecisive Doji candlesticks in the daily timeframe, leading to some consolidation.
The live Kusama price today is $449.24 with a 24-hour trading volume of $208,274,124. It is up 1.11% in the last 24 hours. The current ranking of the coin is #47 as per the market cap, with a live market cap of $3,805,091,710.
Ascending triangle brings hope for the BULLS
KSM token price has been rising higher ever since the breakout of the double bottom pattern in the 4-hour timeframe. However, the coin price is facing resistance from the supply zone, keeping the price back down.
A reversal will lead to at least a 25-30% fall. However, the breakout of this supply zone might lead the price to hit the $600 mark. The coin price has been consolidating for the past week and has not given any noteworthy move on either side. As per the price action, the level of $386 is the immediate support, whereas the immediate resistance level is $560 after the supply zone.
The 65% price increment has resulted in price crossing over the 20 EMA(red), implying bullishness, but the supply zone has managed to halt the trend for now and might even push it back down.
The RSI (slightly bearish) indicates slight bearishness while trading at 55 and slowly heading down the oversold zone.
The ADX indicates a slower momentum as it is trading at 20, and the slope in ADX is decreasing, implying a loss of momentum.
Conclusion – KSM coin price has recently exhibited a breakout of a descending triangle pattern suggesting the start of an uptrend, but the supply zone is ready to push the price back down as soon as consolidation ends. Loss of momentum along with the bearishness showcased by RSI might slow the bulls down. Hence, early traders should enter only after retest confirmation. Investors might want to keep an eye on the breakout of the supply zone.
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