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KSM Technical Analysis: Will Bullish Break Exceed $60 This Week?

Analytics

cryptoknowmics.com 15 July 2022 12:56, UTC
  
Reading time: ~2 m

KSM technical analysis shows a reversal within the descending triangle, teasing a bullish breakout to surpass 50-day SMA and reach $60.

Key Technical Points:

  • KSM prices have increased by 13.98% in the last 24 hours.
  • The price action shows a bullish attempt to surpass the resistance trendline.
  • The 24-hour trading volume of Kusama is $40 Million, indicating a rise of 17%.

Past Performance of KSM

The KSM prices A form in descending triangle after breaking below the $60 mark with the base at the $44 support level. The descending triangle pattern follows after the prices decline to surpass $57, leading to a declining trend. However, the recent reversal starting with a morning star pattern at $44 accounts for a 16% jump in the last three days and breaches the resistance trendline. TradingView Chart Source - Tradingview

KSM Technical Analysis

The KSM price chart shows an increase in bullish commitment as the buying pressure grows with a rise in trading volume. Hence the possibility of the descending triangle breakout increases. Coming back to the price action, the three white soldiers candlestick pattern displays a solid bullish trend. Three white soldiers is a bullish reversal candlestick pattern consisting of three consecutive bullish candlesticks. The MACD indicator shows the fast and slow lines avoid a bearish crossover as the buying pressure increases, evidenced by the resurfacing positive histograms. The RSI indicator shows a sharp reversal from the nearly oversold region, surpassing the halfway line. Hence the technical indicators reflect an increase in the underlying bullishness adding points to the breakout theory. In a nutshell, KSM technical analysis showcases a high likelihood of descending triangle breakout to reach the $60 mark.

Upcoming Trend

If the reversal rally surpasses the resistance trendline, the breakout rally will push the KSM price to the $60 mark. Moreover, increasing buying pressure near the resistance level will drive the price higher to the overhead distance of $82. Resistance Levels: $60 and $82 Support Levels: $50 and $4


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