Kusama (KSM) is an experimental blockchain platform that is designed to provide a massively interoperable and scalable framework for developers. Kusama is built on Substrate — a blockchain building kit developed by Parity Technologies. Kusama has almost the same codebase as Polkadot — one of the most successful interoperable blockchains. By deploying on Kusama, fast-paced projects gain access to a highly scalable, interoperable sharded network, with features that are not yet available on Polkadot. To that end, Kusama describes itself as a “canary network.” The platform is designed to provide a testbed for developers looking to innovate and deploy their own blockchain and can be used as a preparatory network before launching on Polkadot — though many projects opt to stick with Kusama for their final product. Past Performance On July 5, 2021, KSM opened at $214.74. On July 6, 2021, KSM closed at $204.12. Thus, in the past week, the KSM price has increased by approximately 22%. In the last 24 hours, KSM has traded between $204.20 – $236.82. https://ift.tt/3ytfgtW Day-Ahead and Tomorrow Currently, KSM is trading at $233.67. The price has decreased from the day’s highs of $243.31. Thus, the market seems to have turned mid-way through the trading day. 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 decreases amidst an overall declining price trend. Currently, the RSI indicator is at 43%. It faced rejection at 61% and fell to this level. Thus, selling pressures are slowly mounting. Hence, the price may start falling 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 $227.13. The price may soon fall below the first Fibonacci pivot support level of $227.73. If the bears remain strong, then the price is likely to fall below the subsequent support levels of $224.78 and $223.32, respectively, by day close. The price has tested and fallen below the 50% FIB retracement level of $221.87. The price is soon likely to test and fall further below the 38.2% FIB retracement level of $221.25. 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 falling tomorrow.
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