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- Crowdloan unlock can be beneficial for KSM.
- Price surged 13% this monday.
- The volume is still at a decrease of 12.18%.
Sister of the Polkadot project, Kusama is an experimental blockchain designed to provide an interoperable and scalable framework for developers, with the features that are not yet available on Polkadot. Kusama is unusual among blockchain platforms since it is predominantly built for developers that want to launch bold, ambitious projects, with a fast evolving pace of development.
No one thought that KSM would fall this much, it broke its crucial support of $80 and went upto $62. The current price for one KSM stands at $79 with a gain of 5.31% in its market capitalization in the last 24 hrs. Its volume is 123 million which is still at a decrease of 12.18%. While its market cap is of 669 million with a gain of 5.31% and the volume market cap ratio for KSM is 0.1875.
The price made a higher high of $84.69 over the intraday trading session. KSM needs its bulls to stay in the market. As of now the indicators are not very clear but there are chances of trend reversal and price to climb again. The KSM/BTC pair has a value of 0.002581% with a gain of 2.47% in it.
While analyzing the graph for shorter time frame (4 hrs), it gives us a idea of a sideways trend whereas the indicators are in the favor of a coming uptrend, as we can observe the MACD line is above the MACD signal line and the relative strength index is also moving up, the current value for RSI is above 50. It seems that the KSM bulls are taking interest and buying the dip to support the token.
KSM surged 13% after crowdloan token unlock
It appears that investors have taken the recent Kusama token unlock as an opportunity to buy more.
KSM, the native token of the Kusama network, jumped 13.5% Monday after 1.1 million tokens locked up from the network’s first five crowdloans were released back to participants.
Conclusion
Investors are taking interest in KSM after the crowdloan unlock and hence the price is going up which is a good thing for the KSM ecosystem.
Technical levels
Resistance: $100 and $115.
Support: $65 and $55.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
