Kusama is an experimental blockchain designed to provide developers with an interpolable and scalable framework. It is also called the “wild cousin of Polkadot” and was created by Gavin Wood, one of the co-founders of Polkadot. Kusama is a scalable network of blockchains built using a substrate with the same codebase as Polkadot. Their shared blockchain and open governance provide a scalable framework for business. It uses nominated proof of stake consensus mechanism which is more energy efficient than PoW.
Kusama enables developers to perform on-chain upgrades without any fork and supports cross-chain messaging. Meanwhile, KSM can be staked on the network to participate in the governance. Kusama has a circulating supply of 8.47 Million tokens and a total supply of 10 Million. KSM has been observing consolidation despite the gains in other altcoins. It has gained popularity among developers and investors and can grow more.
Kusama has a market cap of $314 Million and is ranked 128th in the crypto-verse. Trading volume declined by 21%. KSM has an ROI of 2066% and could see more growth in the future.
KSM Bulls are Picking The Pace
The weekly technical chart of KSM suggests a consolidated trend in price. On the daily chart, it has been seeing a weak upside trend in price. It is trading near the value of $37 with a gain of 2% in the intraday session. The upside trend of KSM can see a halt near $45. Meanwhile, the asset price support can be near $30. It trades above the 50 and 100 Daily Moving Averages with a positive crossover. This can push the asset price to a new high in the future. If KSM jumps over $45, there can be a strong upside trend in price.
The RSI of KUSAMA is near 60, suggesting its presence in the overbought zone. There is a weak positive slope suggesting an upside move in price.
Summary
Kusama has gained a lot of interest from developers in recent times. KSM is currently in a weak consolidation trend and can see a new high in the future.
Technical Levels
Major Support:$45
Major Resistance:$30
