Since KSM recovered from a key level in June, the price has been on a steady rise as buyers continued to show commitment. It has shown no major signs of weakness but buying volume inflow seems low at the moment.
Last month, Kusama initiated a drop at $28.5 and started to decline by the day. This drop led to a week bearish as the price crashed to $19.7. It quickly rejected this price level and brought a 27% increase in price in three weeks.
The steady increase saw the price above a crucial descending trendline that serves as dynamic resistance for four months. It slightly pullback last week and retested the trendline as support. The price continued to increase and later tapped $27.4 today.
While trading volatility looks so low right now, we can expect a strong bullish momentum if buying volume increases. As shown on the daily chart, the volume indicator is still moving flat. No sign of a significant increase yet.
If the price drops as a result of rejection, KSM may retrace to look for firm support to foot a fresh increase. The $19.6 support is a key level to watch for a crackdown. Losing it would confirm a continuation of the monthly bearish.
KSM’s Key Level To Watch
KSM has touched the $27.4 level today with a slight rejection. If the price flips this rejection level, the immediate resistance level to watch is $28.5. Reclaiming that resistance would confirm more upside movement for the asset.
The price is trading above the $26 support level. In case of bearish, a drop below this support could bring the price lower to $24.1 and $21.7. There is also support at $19.7 support in case of a breakdown.
Key Resistance Levels: $28.5, $30.6, $32.3
Key Support Levels: $24.1, $21.7, $19.7
- Spot Price: $26.5
- Trend: Bearish
- 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: karnoff/123RF // Image Effects by Colorcinch
