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ThecoinrepublicCryptoKusama Price Prediction: Is DownTrend Of KSM...
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Kusama Price Prediction: Is DownTrend Of KSM Price Over?

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  • Lido Finance is planning to stop the support of Liquid staking in Kusama and Polkadot
  • Technical indicators are currently favoring a consolidated trend in price.It has seen a drop of 4% in BTC pair

Kusama is a decentralized blockchain platform which has gained  popularity in the world of cryptocurrency along with Polkadot. Founded in 2019 by Gavin Wood, the co-founder of Ethereum, Kusama is designed to serve as a testing ground for new blockchain technology, allowing developers to experiment with new ideas without risking the security of the larger, more established blockchain networks.Kusama has decentralized governance model in which token holders can vote for the proposal.Another notable feature of Kusama is its interoperability with other blockchain networks.It uses  “bridges” to connect with other networks, allowing for the seamless transfer of assets between different blockchains. This interoperability is a significant advantage, as it allows Kusama to tap into the larger network effects of other blockchains.Recently Lido finance is planning to stop the support for Liquid staking in Kusama as Shanghai Upgrade Nears.

KSM has a market cap of over $270 Million with a ranking of 125th in the cryptoverse. Volume of the asset price has seen a surge of 90% which can push the asset price to a new high.It is down by 94% from it’s all time high but can see a reversal to new high in the future.

Bulls Of KSM Are Ready For Comeback

Source: TradingView

The weekly technical chart of Kusama suggests a consolidated trend in price.On the daily chart it is trading near the value of $31.5 with a gain of 4%. It is currently in a consolidated zone but can see a reversal to a new high in future. The upside trend of KSM can see a halt near the value of $40.Meanwhile the support of the asset price can be seen near $25. It is trading above the 50 and below 100 Daily Moving Average. If it sustains near the current level a reversal trend can be seen.

RSI of the KSM is currently near 40 suggesting its presence in the neutral zone. There is a weak downside slope suggesting a consolidation in price.

Conclusion

Kusama has been consolidating in a range after falling for the past few days. Various analysts are expecting a trend reversal in price in future.

Technical Levels

Major Support: $25

Major Resistance:$40

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Andrew Smith
Andrew Smith
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
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