cryptoknowmics.com
KSM coin price breaks above the crucial resistance level of $365 in the daily chart. Upon successful retest, the price can reach $450.
Kusama is a unique blockchain platform because it was designed for developers who want to launch ambitious, bold projects at a rapid pace.
Kusama has a low barrier of entry to deploy parachains and low bond requirements for validators. It is used most often by early-stage startups as well as for experimentation.
Let us now look at the technical analysis of Kusama cryptocurrency.
Past Performance of KSM
Despite multiple attempts in the last few weeks, the KSM coin price failed to rise above the $365 resistance. However, with the announcement of an early start for the next batch of parachain auctions the buying volume bursts.
Hence, resulting in the bullish breakout of $365. Furthermore, the coin price retests the zone in the 4-hour chart. As a result, upon successful retest, we can observe a bull run.
Source - Tradingview
KSM Technical Analysis
KSM cryptocurrency is currently at $370.87 as of the writing date. Additionally, the cryptocurrency has increased by 1.51% in the last 24 hours. Thus, indicating a rise in bullish powers. Moreover, the price jump has volume support, as the intraday trading volume increases.
As per the pivot points, the next prominent resistance levels are at $385 and $415. And, on the flip side, the support levels are at $345 and $315.
MACD and signal lines on the daily chart trend higher above the zero line. Moreover, the lines maintain bullish alignment. Hence, the indicator gives a bullish signal for KSM crypto.
The RSI indicator shows growth in underlying bullishness as the slope rises higher in the daily chart. Hence, the RSI gives bullish indications.
Upcoming Trend
As per the Kusama technical analysis, the underlying bullishness of KSM crypto increases. Moreover, the price action gives a strong buy signal due to a bullish breakout. Upon successful retest, traders can spot a minimum risk opportunity.