Kusama’s blockchain platform has seen impressive double-digit gains in the past 24 hours, with investors buying KSM.
Given the rising profile of the protocol, let’s look at technical and fundamental performance to determine if this is a good time to buy KSM.
KSM: Catch a strong tail wind
Although Kusama is currently ranked 52nd outside the 50 Most Valuable Cryptocurrencies, it is still one of the most talked about crypto projects out there.
The governance token KSM has seen record highs for most of the year. The platform began its rise earlier in the year and rose to $ 108.20. Crucially, this was an open statement about the Canarian Network’s intention to increase in value. KSM continued its amazing streak, rising 65% to $ 273.07 on February 22, before collapsing again a few days later. The decline was short-lived, however, as KSM retested the previous high and rose to $ 328.81 on March 11, ending the month on a then record of $ 547.91.
After a one-sided trading streak the following month, KSM hit a record high of $ 594.44 on May 14. The coin was 5% below the $ 600 mark. KSM then hit $ 592.69 before going down.
KSM slumped drastically in the bear market despite efforts to trade like several crypto protocols at the $ 500 mark. This resulted in the digital asset plummeting to an annual low of $ 148.85 on July 20 after massive bearish activity in the crypto market. However, this served as support for KSM as it subsequently recovered and on Dec.
KSM has shown strong bullish potential, up 17.11% to trade at $ 372.50 on the daily trading chart. This has had a significant impact on its weekly performance as KSM is up 5.27% so far. A growing sense of the Polkadot Network’s promises being fulfilled shows why investors are now looking to buy KSM.
KSM technical and fundamental analysis
Technical indicators show us the historical price development of KSM in the last few weeks. Placed next to the support price of the 20-day moving average (MA), KSM climbs above the indicator’s $ 338.10 mark. This is also evident in the 200-day MA as KSM is trading above the indicator’s price fixation of USD 339.3.
However, given the popularity of the project, the Relative Strength Index (RSI) is relatively low at 55.43. In the meantime, this is expected to change as the crypto market gets big tailwinds.
The moving average convergence and divergence (MACD) indicator shows divided market sentiment, with the green trendline trading near its orange counterpart. A steady upward surge is likely imminent, however, which makes this a great time to buy KSM.
Kusama’s strong one-day rally is likely related to his censored twin’s announcement. According to a proposal, after a vote, the polkadot will proceed with its parachain auction. This will see the first series of Parachain auctions on November 11th.
In addition, Kusama himself experienced a commitment to decentralized applications (dApps). The censorship-free protocol announced via Twitter that Kintsugi won the 11th Parachain auction spot on its blockchain. Closely followed by a new cool feature from Polkadot that allows users to easily send KSM and DOT assets to friends and loved ones.
Buy KSM now on eToro from just $ 50!
About Jimmy Aki PRO INVESTOR
Jimmy is a UK-based economist with outstanding hands-on and face-to-face experience in macroeconomic financial analysis, forecasting and planning. He has refined his skills through a cross-continental activity as a financial analyst, which gives him intercultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him to peek under the global hood to see how the world works.
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