After witnessing a consistent increase last week, Kusama managed to tap a new monthly high with a total gain of 15%. It failed to sustain momentum today due to a loss in the overall market.
The latest fall in Bitcoin’s price has brought most altcoins to their daily lows. KSM is not left behind as it shed over 5% loss in the past hours. The price sharply nosedived today and now approaching a key rebound level.
Last week saw the asset through a decent recovery after undergoing a retracement in the preceding week. The price peaked at around $38.9 last weekend before dropping slightly to a three-day low of $36.
This price drop could mark the start of a bearish action this week should the coin fail to regain strength in the next few hours. Meanwhile, the trend is still looking bullish on the daily graph but seems to be turning bearish on the hourly. The bears are beginning to show interest.
A retracement below the $35 level could set the price for more sell actions before it can resume buying actions. The price must reclaim last week’s high to signal a continuation of the bullish trend.
For now, the rally is temporarily paused. Despite recording more than 12% ROI in the last 90 days, the price still looks very cheap on the weekly outlook.
Kusama’s Key Level To Watch
The closest support to consider at the current trading level is $35.5. If that level fails to contain sell actions, the potential support level to watch next is $32.1, followed by $29 in case of a heavy sell-off.
A solid rebound above the $35 level could foster a rapid recovery to the $38 resistance level. The resistance levels to watch for a breakup are $41 $44 and $47.6.
Key Resistance Levels: $38, $41, $44
Key Support Levels: $35.3, $32.1, $29
- Spot Price: $36
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Image Source: velishchuknatali/123RF // Image Effects by Colorcinch
