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•KSM/USD is currently priced at $45.34 and has decreased by 6.60% over the past day
•The trading volumes have decreased by 5.44% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: Technical indicators showcase weak sentiment in KSM Price
The KSM price today is $45.34 USD with a 24-hour trading volume of $30,531,115 USD. KSM Coin is down 6.60% in the last 24 hours. The trading volumes have decreased slightly over the past day whereas the Volume to Market Cap Ratio stands at 0.07951 for the altcoin.
KSM coin marched to it’s all time high of $623.75 on May 18, 2021 but has witnessed a wave of corrections that has wiped a significant portion of its value. Amidst the ongoing wider cryptocurrency market corrections,the bulls have faltered as the selling pressure is still overwhelming. KSM coin trades below the 20 and 50 SMA on the daily chart, which depicts the bearish momentum aptly. If the coin continues on its current trajectory, the support is likely to be found at $40 while the crucial psychological resistance lies at $50 on the other end of the spectrum.
Long Term View for KSM Price
The technical indicators for KSM coin suggest a bearish outlook for the near term. The RSI is currently transacting at 33.72 and has moved below the 14-day average line as it continues to head towards the oversold territory. The green histograms have reduced in size to such an extent that a bearish crossover could be about to occur on the daily chart. The MACD and signal lines continue to transact in the negative zone, which contributes to the overall bearish outlook.
Conclusion
The altcoin is in the midst of a downtrend as KSM price continues to fall. The decrease in prices over the past few days is accompanied by generally increased trading volume activity which means that there is support from strong hands and the coin could print losses in days to come.
Support $40
Resistance:$50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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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.
