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KUSAMA price analysis: Is Kusama suffering because of the bull’s weakness? know more

  • The bears are trying to drag the price of the KSM to follow the downward trend
  • The current price of the coin is around $62.79 and it has increased approx 4.11% in the last 24 hours
  • The pair of KSM/BTC is around 0.00269 BTC

The price of Kusama is now gaining some upward momentum but the bears cannot bear this upward momentum. The bears are trying to drag the price of the KSM into their desired zone but the bulls are beating the bear’s plan to break the investors’ hopes. The price of the coin started hitting the upward trend on the 27th of July but the bears entered and manipulated the price in between now the Bulls are returning with more substantial and better approaches. These ups and downs are creating difficulties for the investors to take any further moves. The investors are eagerly waiting for any further movement over the daily price chart.

The current price of Kusama is $62.79 and it has increased approx 4.11% in the last 24 hours, which has brought it a step closer to its upward momentum. The bulls are working very hard to push the coin to gain some upward momentum. The KSM/BTC pair is currently inclined by approx 2.06%, trading at about 0.00269 BTC. If the bulls exert more effort, they may increase the price to the primary resistance of $66.21. If the bullish trend continues, we may see the price heading towards the secondary resistance of $72.32 over the daily price chart. If the bears implement more effective strategies to counter the bullish trend, the price may approach the primary support level of about $60.29. If the bulls do not respond, the bears will be able to easily push the KSM price to its secondary support of $57.60.

The volume of the coin has dropped by around 26.33% during the intraday trading session the continuous drop in the volume indicates that the selling pressure has increased. The volume to market cap ratio is around 0.08552

As the short-selling pressure is increasing it could be a matter of concern for the investors. Investors could decide to move on either side. This will also bring an opportunity for new investors to enter the trade

The technical indicator shows the following: The relative strength index is in the overbought zone and the buying is getting stronger the sellers have to knuckle under to normalize the RSI of the KSM. The current RSI is 54.34

which is below the average RSI. the average RSI is 57.38. The price is moving ahead of the 20.50 estimated moving average and is still lagging behind the 100.200 daily moving average. The investors of the KSM have to decide to move on either in order to make the whales move. This could bring a further movement in the price of the coin.

Technical levels

Support Levels: $60.29 and $57.60

Resistance Levels: $66.21 and $72.32

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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