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- Kusama Coin struggled for an uptrend near the major bears’ hedge zone.
- The 100 day moving average acts as an immediate resistance level for the bulls.
- Speculators saw an increase of 79% in volume compared to the previous night.
For the previous few days, the Kusama coin has been battling near the resistance zone. Kusama Coin is prepared to obey the demands of buyers in the near term. Unfortunately, before busting out, KSM price battled in the $65-$70 resistance region, which was a crucial defense zone for the bulls.
Buyers have made several attempts in this bear hedge zone and each rise has turned into a selloff. Meanwhile, the bulls are still active despite the persistent rejection, in fact, the price action is showing a high-low formation on the daily price scale.
KSM crypto purchasers also fulfilled the necessary small correction phase for a long-term bullish rise. Buyers will halt above the immediate barrier at the $100 conceptual round level. However, trade volume progressively climbed, resulting in a 79% rise in volume for speculators compared to the previous night.
At the time of writing, KSM coin is trading at $65 mark against USDT pair. Although there is a retracement phase today, a bullish breakout is likely to occur soon, likely next week. Moreover, the price of KSM coin pairing with Bitcoin is up 2.2% at 0.002846 Satoshis.
Again KSM Delined Today
Amid the recovery, the bulls managed to push the altcoin price above the 20 and 50 day moving averages during the daily price scale. The 100 day moving average acts as an immediate resistance level for the bulls.
The daily RSI indicator shows a slight upward trend for the Kusama coin but it looks like a trap for the bulls.
ALSO READ – MAKER Token Price Analysis: MKR token has finally broken out of the supply zone, will it sustain above it?
Conclusion
There is no doubt that Kusama Coin is in control of the bulls, but the resistance area is ruling out a more upside rally. The 100-day moving average is acting as an immediate resistance level and the bulls need to push the price above this area.
Support level – $45 and $40
Resistance level – $70 and $100
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
