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- Kusama price bounced from a low of $400 to a high of $454 in Saturday’s intraday session
- The KSM/BTC pair is trailing at 0.1117 BTC with a loss of 5% at press time
- The current price of Kusama is $404 verified on the back of a 5.27% decrease in the past 24 hours
The daily technical chart of KSM highlights the fact that the token is currently vulnerable to the bears, A straightforward rejection from $471 contributed to putting this week’s rally short.
The contemporary price is placed at a critical support level which is also bolstered by the two EMAs. The success of the 20 EMA to exhibit a bullish crossover with the 50 EMA would grant KSM an exit ticket from the ascending triangle pattern.
The failure of KSM to sustain above the two major EMAs can paint a bearish outlook for the token in the upcoming sessions. The above statement can be held accountable by the fact that the Daily Stochastic RSI has recently transpired a bearish crossover from the summit.
However, a bearish scenario at this point seems extremely unlikely owing to the excitement built by the Kusama community for the launch of Parachain Slot Auctions.
The volume of (3.18 K) is considerably lower than the volume of (8.26 K) the 20 period moving average. High buying pressure is required to plunge the price out of the bearish pit.
Kusama price chart on the 4-hour chart
The 4-hour chart of KSM brings attention to the fact that the token needs to steer clear of the 200 EMA. The 200 EMA, when broken as support, can serve as dynamic resistance to the token.
On the contrary, the success of the trend to hold the 20 EMA as support is convincing enough to project an upswing in the near term.
In case the temporary bearish outlook prevails, bulls can expect a bounce back from the 0.382 FIB retracement which lies at $370.
The MACD (bearish) intends to continue its yesterday’s bearish trend as evidenced by the accelerating histogram in the negative territory.
The RSI (neutral) is currently forecasting a no-trend scenario inside the negative equilibrium range.
Will the launch of the upcoming Parachain slot auctions impact KSM Hodlers?
Kusama, being Polkadot’s canary network, has established the ground as a wild and fast network, whereas Polkadot sticks to its conservative approach. Initially, the Kusama network was supposed to retain the shell Parachain, who’s only function was to test the functionality of the Kusama Parachain system. But, with the council’s unanimous decision to upgrade from shell to statemine, the parachain will now be able to conduct a wide range of functions. In addition to the colossal support provided by the upgrade, participants will now be granted access to the mining of both fungible and non-fungible tokens on the network.
Undoubtedly, the launch of the upcoming para chains will play the part of blowing up the price of KSM.
SUPPORT : $370
RESISTANCE : $471
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
