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KSM Technical Analysis: Price Moving Inside a Box in Range of $384.2-$300.6

cryptoknowmics.com 14 October 2021 09:25, UTC
Reading time: ~2 m

Self-described as “Polkadot's wild cousin,” Kusama is an experimental blockchain platform that is designed to provide a massively interoperable and scalable framework for developers. Kusama was built by the same team that created Polkadot, a company known as Parity Technologies. Its founder is Dr. Gavin Wood, a world-renowned computer scientist and programmer, who also co-founded Ethereum. The KSM technical analysis is as follows:

Past Performance

KSM started trading at $333.65 on 7 October 2021. There was no significant change in the prices. It closed yesterday, on October 13, 2021, at $366.91 with a +9.9% change.

Source: https://www.tradingview.com/x/mDxBKIKD/

KSM Technical Analysis

The price chart is currently moving inside a box. The upper limit is $384.2 and the lower limit being $300.6. However, within these limits, the price has shown deviations.

The current trading price of KSM is $373.2%, which is up by 1.91% as compared to yesterday, or 15.3% up as compared to the day before yesterday. This is a signal that the trend may come out of the box from the upper limit.

OBV is showing a stable line, indicating that the buying and selling pressures are balancing each other. This is a neutral sign, meaning that the traders may just hold their current positions.

RSI is currently at 57.05% and is increasing slowly. This is a bullish signal. This means that the price may break the box to be on an uptrend. Traders may take a long position.

MACD is confirming the last few days’ restricted movements of the price, as the fast and slow lines were moving horizontally and very close to each other. There is no divergence from the price chart.

Day-Ahead and Tomorrow

Fib retracement is showing the KSM price was moving between the Fibonacci levels of $298.8 and $374.25. However, the price has broken the upper limit. This is a bullish signal.

Thus, the traders may take a long position or wait for the price to come out of the box before making a clear call. Target can be kept at $424 and stop-loss at $358.

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