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- 1 Kusama price surpassed the 200-day EMA in a sharp move.
- 2 Buyers have gained momentum and are peeking to reach the $30 mark.
Kusama token (KSM) price showed a rebound from the lows of $16 and caught a setback followed by a trendline breakout. Furthermore, the token has now rescued fresh buying momentum and shown investors interest in the past sessions. In the past number of months, the KSM token was in a downtrend and lost over 56% from the high of $50 and retested the bottom support zone of $16. The token has done its correction and buyers are looking forceful now and a fresh bull rally was noted.
Kusama token (KSM) surpassed the key moving averages and is close to the resistance mark of $30. Meanwhile, the sellers are now in fear and are trying to save the region from being snared and maintain a strong grip near $30. The technicals are showing that the KSM token has decisively cleared the hurdles and is above the neutral zone. At present, the KSM token is trying to sustain above the supply zone of $30 to extend the rally and if it succeeds, it will go towards the swing high of $38 followed by $42, soon.
The live price of the Kusama token (KSM) is $26.43 with an intraday gain of 4.42% showing bullishness on the chart. Moreover, the trading volume increased by 8.81% to $23.97 Million and the pair of KSM/BTC is at 0.000698 BTC. However, the market cap of KSM token is $237.07 Million. Analysts have maintained a neutral rating and suggest a growth outlook for the upcoming sessions.
Will Kusama (KSM Token) Reach $40 by end of 2023?
On the daily chart, the KSM token price is steering towards the swing hurdle of $30 and buyers are gaining traction, followed by a trend reversal. The price action highlights a short squeeze, where the short-term traders are boosting the token price to assemble gains after a long correction phase.
The RSI curve is near 60, showing a positive crossover, indicating a bullish outlook for the upcoming sessions.The MACD indicator showed a convergence of the MA line with the signal line and signals that buyers are entering the battle.
Weekly Chart Shows Trend Reversal
On the weekly chart, the Kusama token exhibits a untouched reversal and made a higher high above the swing hurdle of $25 surpassing the 20-day EMA burden decisively. Furthermore, the chart displays a trendline breakout as the buyers accumulate.
Summary
Kusama token (KSM) illustrates a trend reversal and transcends the key MAs displaying the buying momentum. Moreover, the buyers look aggressive and are expected to lift the token price toward the swing mark of $30 soon.
Technical Levels
Support Levels: $25 and $20
Resistance Levels: $28 and $30
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.