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- Kusama price is trying to sustain at the lower trendline of the descending triangle pattern over the daily price chart.
- KSM crypto has recovered till 20 EMA but is still below 50, 100 and 200-days Daily Moving Average.
- The pair of KSM/BTC is at 0.002222 BTC with an intraday drop of 0.87%.
The Kusama price is currently trying to keep its present position while reversing the downward trend on the daily chart. The KSM cryptocurrency is now trading inside a falling triangle formation on the daily chart. The coin is currently trading close to the lower range of the falling triangle pattern as a result of being identified by short sellers. KSM coin needs to get away from short-sellers in order to prevent falling dramatically below the consolidation period’s bottom range. KSM bulls are trying to stop the surge as they try to consolidate themselves.
The Kusama price is currently estimated to be $42.76 after increasing 0.30% in market value. The transaction volume declined by 25.73% during the intraday trading session. This demonstrates that despite the token’s diminishing value, it is still thriving to maintain its present level. Volume to market cap ratio is 0.0714.
The price of the KSM coin must cross the top trendline of the descending triangle pattern. The volume bars show that bulls are now in charge of the KSM currency market even though the accumulation is below par. Bulls must use all their strength to control volume and keep KSM in its position as the volume change is still below average.
What do Technical Indicators suggest about KSM?
The price of the KSM coin must stay above the lower price range of the descending triangle formation in order to prevent a significant decline on the daily chart. Technical signs show that the KSM currency is declining.
It is simple to see how the KSM currency is flowing downstream thanks to the Relative Strength Index. The RSI is currently below neutrality at 44. The KSM coin’s declining velocity is visible on the MACD. The MACD line and the signal line are set to undergo a negative crossing. Investors in KSM must keep an eye on the daily chart for any changes in trend.
Conclusion
The Kusama price is currently trying to keep its present position while reversing the downward trend on the daily chart. The KSM cryptocurrency is now trading inside a falling triangle formation on the daily chart. The coin is currently trading close to the lower range of the falling triangle pattern as a result of being identified by short sellers. KSM coin needs to get away from short-sellers in order to prevent falling dramatically below the consolidation period’s bottom range. Bulls must use all their strength to control volume and keep KSM in its position as the volume change is still below average. Technical signs show that the KSM currency is declining. The MACD line and the signal line are set to undergo a negative crossing. Investors in KSM must keep an eye on the daily chart for any changes in trend.
Technical Levels
Support Levels: $40.00 and $38.00
Resistance Levels: $45.00 and $50.00
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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
