- The KSM token increases by 65% to break out of the descending triangle with decreasing volume.
- Currently the coin price is trading just above the EMA of 20 and is forming some consolidation which means the coin is preparing for some big moves.
- The KSM / BTC pair is trading at 0.007669 with little intraday movement.
The Kusama token price is poised to move higher as the recent 65% price hike caused the breakout. The coin price forms indecisive doji candlesticks on the daily time frame, which leads to some consolidation.
The live price of Kusama today is $ 449.24 with a 24-hour trading volume of $ 208,274,124. It’s up 1.11% in the past 24 hours. The current ranking of the coin is # 47 by market cap with a live market cap of $ 3,805,091,710.
The ascending triangle brings hope to the BULLS
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The price of KSM tokens has increased in the 4 hour period since the double bottom pattern broke out. However, the coin price is encountering resistance from the supply zone, which is keeping the price low again.
A reversal leads to a decrease of at least 25-30%. However, the breakout of this supply zone could cause the price to hit the $ 600 mark. The coin price has consolidated over the past week and has made no significant progress on either side. As per the price action, the $ 386 level is the immediate support while the immediate resistance level after the supply zone is $ 560.
The 65% rise in price has caused the price to exceed the 20 EMA (red) implying an upward move, but the supply zone has managed to hold the trend up for the time being and could even push it back down again.
The RSI (slightly bearish) is showing a slight bearish as it trades at 55 and slowly descends the oversold zone.
The ADX is showing slower momentum as it is trading at 20 and the slope of the ADX is decreasing which means a loss of momentum.
Conclusion – KSM coin price has recently shown a breakout of a descending triangle pattern, indicating the beginning of an uptrend, but the supply zone is ready to push the price back down once the consolidation is complete. A loss of momentum and the bear market shown by RSI could put the bulls on the back burner. Therefore, early traders should only enter after confirming the retest. Investors should keep an eye on the breakout of the supply zone.
Support- $ 386
Resistance – $ 560
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