Kusama (KSM) has been on a roll over the past few days, with its price rising from $20 to nearly $25 in a matter of days. The coin is currently trading at around $24.83 and it appears that investors are expecting a further bullish move in the near future. Kusama is up by 2.20% in the last 24 hours and its market cap stands at $210,423,83.
Kusama has been in an uptrend for the last 4 days and is currently forming an ascending triangle pattern. The current resistance for KSM lies at $26.0 and support is present at $23.00. Kusama price is nearly crossing the 200-day exponential moving average which is a positive sign for the coin in the medium term.
Kusama price analysis on a daily chart shows the volume is relatively increasing which suggests more bullish action in the near future. An ascending trendline is being formed and the price has been trading above it for the past few days. Technical indicators such as RSI, MACD, and CMF are all in favor of a bull run for KSM.
KSM/USD daily chart:TradingView
The Relative Strength Index (RSI) is currently hovering around the overbought region which means that the bullish momentum of KSM might slow down soon. The Moving Average Convergence Divergence (MACD) line has gone into positive territory, indicating buying pressure in the market.
The Chaikin Money Flow(CMF) is also staying above zero, indicating strong buying pressure. The Bollinger bands on the 4-hour chart have started to close in, which suggests that the price is consolidating and could be ready for a breakout soon. The Fibonacci retracement levels to watch out for are 23.6%, 38.2%, and 61.8%.
KSM/USD 4-hour chart:TradingView
A breach of the 61.8% Fibonacci retracement level could see KSM rising to new yearly highs in the coming days. The immediate support on the downside lies at $23.00, which is a critical level to watch out for as a breakdown at this point could lead to a further selloff for KSM.
Traders should look for opportunities to buy the dip as long as the coin stays above $23.00 and wait for a decisive breakout before taking any positions in order to maximize their profits. Overall, traders are expecting more gains in the near term with KSM’s price action forming a bullish pattern.
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