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The KSM price action showcases a bullish trend with the help of a support trendline. But, will the support trendline reverse this bear trend?
Key Technical Points:
- The KSM prices dropped by 7.22% in the last 24 hours.
- The Kusama market value retests the $60 support level.
- The 24-hour trading volume of Kusama is $35.58 million, indicating a drop of 11%.
Past Performance of KSM
As mentioned in our previous analysis, KSM price action sustains above the $60 support level and the ascending trendline in motion. The recent bearish retracement has decreased the inflation rate over the last two weeks from 45% to 35%. Moreover, the drop in the trading volume during the correction phase supports the reversal possibility. Source – Tradingview
KSM Technical Analysis
The KSM price chart shows a drop to the support trendline today but the lower price rejection in the daily candle. Hence, despite the downfall in the last two days, the price action supports the reversal possibility. The RSI slope shows a double bottom reversal in the nearly overbought zone falling to the 14-day average line. If the RSI slope drops below the middle line, the possibility of a downfall below the support trendline increases Moreover, the MACD indicator showcases a drop in the buying pressure as the bullish histograms decreases. Hence, the possibility of a bearish crossover between the fast and slow lines increases. In a nutshell, the KSM technical analysis shows the high likelihood of a bullish reversal reaching the $82 mark.
If the KSM price finds bullish momentum after the upside reversal from the support trendline, the market value may shoot up to the $82 mark. However, a downfall below the support trendline and the $60 support level to the next psychological support level of $50 is possible. Resistance Levels: $82 and $100 Support Levels: $60 and $50