Kusama is a robust open infrastructure for building decentralized apps using Substrate and the same codebase as its cousin – the Polkadot network. High scalability, multi-chain interoperability, high speed, and innovation-friendly are some distinguishing features of the Kusama ecosystem. KSM is the customized token of this network and its technical analysis is as follows: Past Performance On May 28, 2021, KSM opened at $314.74. On Jun 3, 2021, KSM closed at $463.53. Thus, in the past week, the KSM price has increased by approximately 47%. In the last 24 hours, KSM has traded between $411.30-$464.13. https://ift.tt/3wR4YCU Day-Ahead and Tomorrow Currently, KSM is trading at $428.35. The price has decreased from the day’s opening price of $463.74. Thus, the market seems bearish. The MACD and signal lines have just turned negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Thus, the market seems to be in a price correction phase, and we can expect intermittent price increases amidst an overall declining price trend. Currently, the RSI indicator is at 54%. It faced rejection at 46% and rose to this level. Thus, buying pressures are slowly mounting. Hence, the KSM price may start rising in some time. However, the OBV indicator has fallen steeply. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the KSM price. In short, when we look at all three oscillators together, we can say that the overall market momentum is bearish. However, intermittent price rises amidst the bearish trend as a corrective price action may continue to occur. KSM Technical Analysis Currently, the price is below the Fibonacci pivot point of $446.32. The price may soon fall below the first Fibonacci pivot support level of $426.14. If the bears remain strong, then the price is likely to fall below the subsequent support levels of $413.67 and $393.46, respectively, by day close. The price has tested and fallen below the 50% FIB retracement level of $437.71. The price is soon likely to test and fall further below the 38.2% FIB retracement level of $431.48. If the price retests and breaks out of these levels by day end, then probably a bearish trend reversal has occurred. In that case, the price may continue rising tomorrow.
The post KSM Technical Analysis: Price Likely to Fall Below the Subsequent Support Levels of $413.67 and $393.46 appeared first on Cryptoknowmics-Crypto News and Media Platform.
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