Kusama coin, the canary built for the Polkadot ecosystem has entered some crucial zones after the fresh plunge. No doubt the asset trending within this zone possesses fewer chances of trembling down, yet a notable jump is also not confirmed. Moreover, the downward trend eases the mounting possibility of smashing the crucial resistance levels.
Will KSM price bow back to the immediate support or raise above to hit the upper levels? Let’s dig deep down here.
Kusama(KSM)/USDT Technical Analysis at a Glance
The technicals for the Kusama crypto are not so positive in the short term. As the asset is failing constantly to break the downtrend, the indicators are also pointing to a similar trend awaiting ahead. The KSM token is expected to range high as here the pointer point towards a notable rally but in the long term.
|Short Term||The KSM price is extremely bearish with the selling volume is slowly being mounted|
|Mid-Term||The asset may consolidate for the next 3 to 4 days before attempting a trend reversal from the bearish well|
|Long Term||Kusama crypto is bottomed hard since the beginning of December, yet a flip is very tough and hence the current consolidation may end with the year 2021|
Therefore what levels may KSM token may revisit if in case it maintains the downtrend? As it may be a huge ‘buy zone’ for the opportunist traders who wait to accumulate more at discounted prices!
Kusama(KSM) Technical Indicators
As mentioned above, the asset is manifesting a bearish trend and the indicators are also pointing towards it. The strength of the rally appears to have gone down to a notable extent with the volume lowered. And hence the downtrend may be continued for some more time until it hits the local support levels that reside at 0 Fib levels around $260.
Relative Strength Index(RSI)
Ever since the KSM price initiated shedding its gains in the first week of November, the RSI levels also followed a notable downtrend. These levels point out towards the strength of the rally which appears to have faded in the long term. Interestingly, this trend may continue for some more time. However, the short term also manifests a similar trend as the RSI level is following a clear downtrend line.
MACD shows the amount of buying and selling volumes and hence the upcoming divergence can be assumed. Currently, the MACD is showcasing mounting selling pressure in the short term and hence the downtrend may continue for the next couple of hours. On the contrary in the long term, a notable buying volume is being built on the platform and hence KSM price appears to be bullish.
Kusama(KSM)/USDT Technical Analysis for the Week
Kusama since the beginning of the current trading month is possessing a similar trend to its canary network Polkadot. Yet Polkadot is attempting to range high which is currently lagging with the KSM price. The Kusama token is required to hold the support levels strong and hence this is when it may follow the DOT price trend. Woefully, the trading volume is also much lower compared to that of Polkadot and hence Kusama requires to drag in more strong hands to propel towards the north.
Source: Tradingview Date: 23-12-2021 Time: 2:53 pm
The KSM price has maintained a notable downtrend since the beginning of the current trading month. However, it has found strong support levels at 0 Fib Levels around $260 but the resistance is along with the immediate 0.2 FIB levels at $278. Hence pointing towards diminished volatility which in turn points out towards a lack of interest on KSM price.
Moreover, the asset is consolidating within some crucial zones that may decide the upcoming rally. The encircled zones are to be sustained firmly to propel towards the next FIB levels else the asset may revisit the 0 FIB levels yet again where-in a flip or bounce is still not visible.
Kusama(KSM)/USDT Technical Analysis for Today: 23 December 2021
The KSM price initiated the previous day’s trade on a bullish note but failed to rally above $280 and quickly fell into the bearish well. The plunge has continued since the present early trade hours. The buyers started becoming limited and currently, even the sellers have squeezed. Therefore the price is unable to fluctuate to possess a good volatility rate which attracts the traders. The Kusama price today is $269.7 at the press time, while to record a bullish close, the price needs to attain a minimum level of $280.
Where & How to buy Kusama(KSM)
Kusama coin is available to trade on various other platforms. But here in the CoinDCX app, you can experience a safe trade without undergoing any tedious process. So why wait for just register following simple steps and trade your favorite cryptocurrencies with ease.
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