Kusama is also called a “Polkadot Wild Cousin.” It is an experimental blockchain built on Substrate, a building kit developed by Parity Technologies. Kusama uses the nominated proof of stake consensus mechanism. They use a simple queueing mechanism based on the Merkle tree to process cross-chain transactions. It was created by the same team behind the Polkadot network and is designed to be a more experimental and agile version of its predecessor.
Kusama encourages builders and developers to test the new products on their platform. KSM can also be staked to participate in the network’s governance and earn rewards to secure the blockchain.It has a total of 309,299 accounts. The transaction in the KUSAMA network has seen a decline in the past 14 days. Kusama interpolable helps the developers to test the new applications which can communicate with the other blockchains. Kusama whales are seeing a strong momentum which can assist the price to a new high.
Kusama is currently ranked 125th in the crypto verse and has a market cap of $281,910,688. It has an ROI of 1839%. The volume to market cap ratio of KSM suggests a consolidation in the price trend.
Will KSM Bulls Hit The High Of $50?
The weekly technical chart for Kusama hints towards a consolidated trend in price.On the daily chart, it is trading near $33 with a gain of 2% intraday. KSM is currently down by 94% from its all-time high of $623. The upside trend of Kusama can see a halt near $40. Meanwhile, the price could find support at $25. It is trading below the 50 and near the 100 day Moving Average. There can be a negative crossover in the future which can push the asset price to a new low.
The RSI of the asset price is near 48 suggesting its presence in the neutral zone. There is no slope in the RSI hinting towards a consolidated trend in price.
Conclusion
Lido will be ending its staking services with Polkadot and Kusama. Various analysts are expecting a strong growth in the asset price.
Technical Levels
Major Support:$25
Major Resistance;$50
